3. CCC Company sells their air-conditioning units to various customers. In its contract with Makati Hotel, Carrier Philippines promised to deliver 25 split-type air-conditioning units for a total price of P800,000 by the end of 2020. The contract with Makati Hotel contains a provision for free repairs and maintenance services within 2 years from the date of purchase. All the 25 units were delivered and Makati Hotel paid P800,000. Determine the following: a. Revenue to be recognized on 2020 b. Entries to record the transactions 4. On January 1, 2020, DDD Company entered into a contract with a customer to build an item of specialized equipment for delivery on April 30, 2020. However, the exact delivery date is hard to estimate. The amount of consideration specified in the contract is P300,000, but the customer is willing to pay a higher price if delivered earlier (i.e., amount will be increased or decreased by P500 for each day, depending on whether the actual delivery date is before or after April 30, 2020). Below is the sensitivity analysis: 20% likelihood that product will be delivered on April 30, 2020; 50% likelihood that product will be delivered 30 days before April 30, 2020; and 30% likelihood that product will be delivered 30 days after April 30, 2020. How much is transaction price for this contract