(c) Paper&Stuff Ltd also hold creative writing classes. These classes are held monthly. Customers must sign up (contract) for a minimum of 6 classes and pay an upfront signing fee of $60 at the date of the contract. Customers are charged $35 for each class and this amount can be paid in advance or on arrival at the monthly class. The accountant for Paper&Stuff Ltd, Mr Wright, is confused about when he can recognise the $60 fee as revenue. This fee is non-refundable so there is no chance that this fee would need to be repaid. Mr Wright believes he should recognise this amount as revenue as soon as the contract is signed and the money ($60) received. Required: (i) Explain, with reasons, to Mr Wright, when the upfront fee should be recognised as revenue. (Hint: You will need to explain by applying concepts/principles, such as the definition of a performance obligation, in the relevant accounting standard). All explanations need to be in your own words. (0) In the table below, prepare the journal entry required to account for the $60 when it is received (i.e. date customer signs up for contract). Assume the customer has not paid for any classes in advance