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Part 2: Revenue Recognition Eco Appliance Co. (Eco) manufactures low-price, no-frills appliances that are in great demand for rental units. Pricing and cost information on Eco's main products are as follows: Item Stand-alone Selling Price (Cost) Refrigerator $500 ($260) Range $560 ($275) Stackable washer/dryer unit $800 ($400) Customers can contract a purchase either individually or at the stated prices for a three-Item bundle with a price of $1,800. The bundle price includes delivery and Installation, Eco provides delivery and installation standard with all products. The company follows IFRS. (c) Object Developers Ltd. (ODL) entered into an agreement for delivery and installation of 500 appliance bundles to be completed by July 1, 2018. ODL offers a 10% bonus payment if Eco can complete delivery and installation by July 1, 2018Eco estimates its changes of meeting the bonus deadline to be 60%, based on a number of prior contracts of similar scale. 1. What methods are available for Eco to determine the transaction price? 2. Which method would you recommend? 3. Prepare the journal entry at December 31, 2017, assuming 50% of the contract had been completed without any payment collected and applying the method you recommended in 2 above