3.1 Hareya WLL is a retailer of all-weather camping equipment. Hareya WLL has a year end of 31 December. The company is having trouble selling one model the BD50,000 Desert Star tent outfit. Hareya WLL is offering incentives to encourage customers to buy the Desert Star before 31 October 2021. 1. Customers buying the Desert Star before 31 October 2021 will receive a period of interest free credit, provided they pay a non-refundable deposit of BD5,000, an instalment of BD25,000 on 1 January 2022, and the balance of BD20,000 on 31 December 2023. 2. A year's service plan for the Desert Star, normally worth BD2,500, is included free in the price of the Desert Star. On 1 October 2021, a customer agreed to buy a Desert Star outfit. The customer paid the BD5,000 deposit, and delivery was agreed for 1 January 2022. As the sale has now been made, the CEO of Hareya WLL wishes to recognise the full BD50,000 sale price of the caravan in the financial statements for the year ended 31 December 2021. Note: Assume a 15% discount rate. Required: (a) State the revenue recognition requirements of IFRS 15, Revenue from Contracts with Customers. (0.25 Marks) (b) State the number of elements which form part of the transaction price. (0.25 Marks) (c) Calculate the transaction price. (0.75 Marks) (d) State the amount of the transaction recognised during the year to 31 December 2021. (0.25 Marks) (e) Show the journal entry for the transaction recognised during the year to 31 December 2021. (0.5 Mark)