A6-3 IFRS-Revenue Recognition-Four Cases: The cases given below for 20x5 are independent of each other. In each, assume that the accounting period ends 31 December. Case A On 31 December 20X5, Zulu Sales Co. sold a machine for $100,000 and collected $30,000 cash. The remainder plus 10% interest is payable 31 December 20X6. Zulu will deliver the machine on 5 January 20X6 at which time title is transferred. The buyer has an excellent credit rating. Case B On 17 April 20X5, the law firm of Pearlstein and Wolf received $30,000 from a client. The payment was a retainer for legal services to be provided, as needed, from 1 May 20x5 though 30 April 20X6. During 20X5, additional work was provided to the client and billed accordingly. Case C On 15 November 20X5, Victor Cement Co. sold a tonne of its product for $500. The cement was delivered on that date. Victor agreed that the buyer could pay for the product with three units of its own merchandise commonly sold for $200 each. The buyer promised to deliver the merchandise around 31 January 20X6. Case D On 2 August 20X5, Remer Publishing Co. collected $ 720 cash for a three-year subscription to a monthly magazine, Investor's Stock and Bond Advisory. The first issue will be mailed to subscribers in December 20X5. Required: Write a brief report covering the following for each of the four situations: 1. When revenue should be recognized. 2. Any entry that should be made on the transaction date. 3. An explanation of the reasoning for your responses to requirements 1 and 2