2.1 Consider the following situations relating to revenue recognition and briefly discuss, with reference to International Financial Reporting Standards (IFRS), how and when the revenue should be recognised in each case: 2.1.1 A company declared its interim dividend on ordinary shares on 31 December 2019 . These interim dividends will be paid on 28 February 2020 to shareholders registered on 31 December 2019. The year-end of the entity receiving the dividend is 31 December 2019. (2 marks) 2.1.2 Goods sold on credit on 31 March 2019 to Mr Thabile who went insolvent on 30 April 2019. The year-end of the entity sold the goods is 31 December 2019. (2 marks) 2.1.3 Goods sold by a South African company Trailer Limited to a customer in India on 1 December 2019. The customer paid the full amount for the goods on 1 December 2019. But the goods will only be delivered on 1 February 2020. The year-end of Trailer Limited is 31 December. (2 marks) 2.2 Consider the following Revenue related transactions and record it using the guidelines of IFRS for revenue recognition: 2.2.1 Tiger Limited is a motor dealer. During the year ended 31 December 2019 the company enters into a number of transactions and one particular transaction has been identified below. Tiger Limited agreed to sell a pre-owned car on behalf of a loyal customer. Sales commission was agreed to be 12%. They sold the vehicle for R80000 in cash on 15 November 2019. Recognise and measure the above mentioned transaction in the books of Tiger Limited for the year ended 31 December 2019. (2 marks) 2.2.2 Gerald Limited manufactures and sells motor vehicle engines. It is the company policy to grant a 5% early settlement discount if the account is settled within 30 days and a 10% discount for cash transactions. The following transactions have been identified for the year ended 31 December 2019. A. On 1 February 2019 three engines were sold to Mr Totobayo at a list price R100000 each and offered a trade discount of 10%. He paid in cash on the transaction date. B. On 2 May 2019 sold one engine to Mrs. Robert on account. The selling price was R150000 and the payment was received on 30 May 2019. C. On 1 June 201910 engines were sold to Mr Baseza at a list price of R66000 each on 60 day terms less a 10% rebate. The sale agreement makes it clear that 10% rebate is against the selling price. Mr Baseza paid on 31 July 2019. Provide the journal entries required to record each of the above mentioned transactions for the period ended 31 December 2019 , in terms of the relevant IFRS. (12 marks)