5. (21 marks) < *Round your answers to the nearest dollar** Part A. FinTech Ltd. is a developer of cutting-edge trading platforms. On June 1, 2018, Thrifty Ltd. purchased two trading terminals from FinTech Ltd., and FinTech agreed to perform complimentary installation service free of charge. Thrifty Ltd. also purchased a training package from FinTech Ltd. with a discount. The training package would entitle Thrifty to receive training and consultation services for 12 months. < Information about this sales contract and the associated costs is as follows: < $500,000 each Stand-alone selling price Contract sales Trading terminal < $500,000 each Installation service $10,000 < free Training package $60,000 $30,000 Cost to FinTech Ltd. < $200,000 each $5,000 (payable to the technician after successful job completion) < $24,000 (payable to training staff at the end of the training period) Total $1,030,000 2 Thrifty paid FinTech $1,030,000 on June 1, 2018. FinTech delivered the two trading terminals to Thrifty on June 15, 2018 and completed installation on that day. The training session started on July 1, 2018. FinTech has a fiscal year-end of December 31.4