(a) Lindsay Richardson Sdn Bhd entered into a contract with Wing Seng Sdn Bhd to supply a machine on 1 January 2015. There is no deposit or any advance payment is required in order to secure this contract. However, Wing Seng Sdn Bhd is required to make 5 annual instalment payments of RM2 million effective from 31 December 2015. The implicit rate of interest is 10% for this transaction. The present value of an annuity of RM1 per period is as follows: Period 1 2 3 4 5 10% 0.9091 1.7355 2.4869 3.1699 3.7908 Required: Determine the following: (i) Sales revenue of the above transaction recognised in the year 2015. (3 marks) (ii) Interest income for each of the 5 years. (2.5 marks) (iii) Closing accounts receivable for each of the 5 years. (2.5 marks) (b) Explain the 5 steps income recognition process outlined in MFRS 15 and distinguish the difference between expected value method and mostly likely amount method in recognising income under this accounting standard