answers for financial accounting

4.On January 1 2020 Fun City sells K100,000 of furniture units to Taj Pamodzi, which is planning to expand its hotel rooms. Under the agreement, Taj Pamodzi asks Fun City to retain the furniture units at its shop until the new rooms are ready for use. Taj Pamodzi pays for the goods in full and Fun City removes them from display. Fun City normally charges a storage fee of K500 per month. The furniture units are delivered to Taj Pamodzi on September 1, 2020. a) Explain how the revenue under this contract will be recognized and show the Journal entry 5. Toyota Zambia sells a car to CBU on July 1, 2019, for K200,000. Toyota agrees to repurchase this car from CBU on June 30, 2020, for a price of K212.000 an imputed interest rate of 6% is assumed. b) Explain how the revenue under this contract will be recognized and show the Journal entry on July 1, 2019 and on June 30, 2020