Andrew Wall is a revenue analyst with Green Corp., a Canadian corporation that provides marine environmental clean-up services around the world. Green reports under IFRS with a December 31 year end, releasing its financial statements the third week of January. Andrew has been asked to review the terms of a contract that Green signed with a new customer, Rally Exploration Inc., a large reputable company that recently experienced an oil spill. This customer requires land-based remediation. This is a new area for Green and the first time it has signed a contract of this type. Some of the work can be quite different than marine clean-up but Green is confident in its technicians. Andrew must determine when and how revenue With reference to the contract in the Appendix and the information below, determine how the revenue should be recorded: For the month ended December 31, Year 1: Green has completed approximately 40% of the work under the contract and billed $76,000. For the month ended January 31, Year 2: Green has now completed all of the work on time and has incurred no penalties. The final invoice was issued on January 31, Year 2. Make the following Journal Entries #1 To record the non-refundable deposit received on December 1, Year 1 #2 To record the remediation revenue and invoice for December Year 1, on December 31, Year 1 #3 To record the remediation of the invoice received on January 10, Year 2 #4 To record the remediation revenue and final invoice for January Year 2. On January 31, Year 2 #5 To record the payment of the invoice received on February 13, Year 2