b) Outback Industries manufactures emergency power equipment. Its most popular generator is a model called the E-Booster, which has a retail price of Tk. 1,500 and costs Outback Tk.740 to manufacture. It sells the E-Booster on a standalone basis directly to businesses, as well as provides installation services. Outback also distributes the E-Booster through a consignment agreement with Lenz Home Store. Income data for Outback's first quarter of 2019 from operations other than the E-Booster generator are as follows. Revenue Tk. 65,00,000 Expenses Tk. 4,350,000 Outback has the following information related to four E-Booster revenue arrangements during the first quarter of 2019. i) ii) iii) Outback entered into an arrangement with the Grocers Co-op to deliver E-Boosters for the meat lockers in the grocers' stores. Outback provides a 5% volume discount for E- Boosters purchased by Grocers Co-op if at least Tk.450,000 of E-Boosters are purchased during 2019. By March 31, 2019, Outback has made sales of Tk.360,000 (Tk.1,500 240 generators) to Grocers Co-op. Based on prior experience with this promotion in two neighboring states, the discount threshold is met for the year if more than one-half of the target had been met by mid-year. On January 1, 2019, Outback sells 20 E-Boosters to Nick's Liquors. Nick's signs a 6- month note due in 6 months at an annual interest rate of 12%. Outback allows Nick's to return any E-Boosters that it cannot use within 120 days and receive a full refund. Based on prior experience, Outback estimates that three units will be returned (using the most likely outcome approach). Outback's costs to recover the products will be immaterial, and the returned generators are expected to be resold at a profit. No E-Boosters have been returned as of March 31, 2019, and Outback still estimates that three units will be returned in the future. Outback sells 30 E-Boosters to First Bank, to provide uninterrupted power for bank branches with ATMs, for a total contract price of Tk.50,000. In addition to the E-Boosters, Outback also provides installation at a standalone selling price of Tk.200 per E-Booster; the cost to Outback to install is Tk. 150 per E-Booster. The E-Boosters are delivered and installed on March 1, 2019, and full payment is made to Outback. Requirements: Explain how you will recognize revenue on each of the above cases. Suggest the necessary journal entries for each case