On 1 January 20X3 Precision Manufacturing plc enters into a contact with a customer to provide a product which it will deliver on 31 December 20X4. The customer makes a down payment of £25,000 on 1 January 20X3, and will be required to pay a further £50,000 on delivery. The customer would be required to pay £80,000 on 31 December 20X4 if it did not make the down payment. LO6 In accordance with IFRS 15 Revenue from Contracts with Customers, how would this transaction be accounted for in the financial statements of Precision Manufacturing plc for the years ended 31 December 20X3 and 20X4?