0 0. Revenue Recognition (15 maiks) Haffa Dolla Records (HDR) is a s December 3 ecember 31. HDR signs up talented pop, rock, and country mus then produces and sells music CD's. (HDR) is a small Canadian record label that uses IFRS. Its fiscal year end is u pop, rock, and country music singers to its record label and contract for open air concerts with the Ontario Music Association (OMA) in 2020. id $200,000 for each concert with payment received two months ahead of the 00,000 price includes the concert itself plus an immediate transfer of 10,000 of price for the CD. HDR's cost is only $5 per CD. This is not a consignme sell these CD's for $15 each at the concerts, which is the retail per CD. This is not a consignment arrangement but OMA is $100,000 ership of the CD's before each concert. The market price for an open air concert alone 1. Open air concerts HDR signed a contract for open HDR will be paid $200,000 for each concert. This $200,000 price includes the con HDR's CD's to OMA. OMA will sell these CD takes legal ownership of the CD's before each II. Home-studio recording system HDR has designed a home-studio reco 1s designed a home-studio recording system. After extensive testing, it is ready to be sold to consumers. Based on HDR's market research, typical customers will be in low income- s and will not be able to afford the $10.000 system price. Therefore, HDR will provide customers the option to purchase these systems with monthly installment payments over 10 months, with the first payment due two months after the purchase date. Each system costs HDR $6,500. Required: a) For I, provide journal entries for HDR for the first open-air concert in 2020, both at the time of payment receipt and at the time of the concert. Show computation in good format for partial marks. b) For II, provide journal entries for HDR to record its first installment sale to a customer as well as the first monthly payment received from the customer