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Question 31 3 pts The University Warriors, whose motto is 'Slow but Steady', is an Aussie Rules over 35 years football club located in Melbourne. Most members are Alumni of The University of Melbourne. The Club fields two (2) teams each week of the season and plays in the Victorian Metropolitan Super Rules League. The number of games in the season is twelve (12). Currently, there are 45 active playing members in the 2020 season and each player pays an annual subscription of $275 per season. The season commences in April and concludes in September. All 45 active member paid their annual subscription by 30 April 2020. All active members also sign a Memorandum of Membership which stipulates the rights and obligations of both the Club and its members. The Club is a not-for-profit organisation administrated by an Honorary Board of Directors 2020 Season: The 2020 season has been unique (different) due to the outbreak of the COVID-19 global pandemic The State of Victoria, Australia declared a State of Disaster and under the Emergency Management Act 1986 giving police greater power to enforce public health directions COVID - 19 Impact Covid-19 has caused extraordinary economic and social upheaval. Authorities have been empowered to impose restrictions on individual freedom and movement One of the major restrictions in the 2020 season is that no sporting team in the Victorian Metropolitan Super Rule League can play this year. The annual player subscription is the comerstone of the club's revenue. 30 September 2020 As the Treasurer of The University Warriors over 35 Aussie Rules Football Club, you have been asked to justify your treatment of Revenue by applying the Australian Accounting Standard AASB 15 Revenue from Contracts with Customers, to justify your treatment in the financial statements. The value of the possible revenue is $12,375 being 45 active members * $275 per active member The balance day (end of the reporting period for the club) is 30 September 2020 Apply the following 5 step model framework to identify when revenue should be recognised. Step 1. Identify the contract(s) with a customer Step 2. Identify the performance obligation in the contract Step 3. Determine the transaction price. Step 4. Allocate the transaction price to the performance obligation in the contract Step 5. Recognise revenue when (or as) the entity satisfies the performance obligation. Required: What would be the impact of the amount of $12,375 assuming the 2021 season was played with no restrictions