1.State the amount of revenue that should be recognized by Garrett Ltd in the year ended 31 December 2019 for each item below, justifying your answer by reference to the revenue definition, recognition and measurement criteria in the IASB Conceptual Framework:

1) Garrett Ltd Service Revenue for 2019 were RM50,000, 90% of which were collected in 2019. Past experience indicates that about 98% of all credit Revenues are eventually collected.

2) Garrett Ltd received RM8,000 cash in advance from a customer in November 2019, for the services to be performed in January 2020.

3) Garrett Ltd started renting out its excess office space on 1 December 2019, on which date the company received RM6,000 cash from its tenant for 4 months rent, in advance.

4) Garrett Ltd received RM10,000 Interest from Bank on January 2019, the Interest was earned on December 2018.

5) Garrett Ltd received a car as settlement for services performed on credit for RM6,000. On the date of sale, the car had a fair value of RM6,500 and a carrying amount in the customers records of RM5,000.