Condensed financial data of Kensington Ltd follows. Kensington Ltd Statement of financial position as at 30 June 2021 \begin{tabular}{|l|l|l|} \hline & 2020 & \\ \hline Assets & & \\ \hline Cash & 49,000 & \\ \hline Accounts receivable & 60,500 & 110,700 \\ \hline Inventory & 50,500 & 120,600 \\ \hline Investments & 182,000 & 108,700 \\ \hline Land & 210,000 & 182,000 \\ \hline Buildings & 210,000 & 190,000 \\ \hline Less: Accumulated & (40,000) & 365,000 \\ \hline depreciation & & (60,000) \\ \hline Total assets & 722,000 & 1,017,000 \\ \hline Liabilities and Equity & & \\ \hline Accounts payable & 60,000 & 92,000 \\ \hline Accrued expenses payable & 32,000 & 55,000 \\ \hline Loan payable & 120,000 & 180,000 \\ \hline Share capital & 320,000 & 410,000 \\ \hline Retained earnings & 190,000 & 280,000 \\ \hline Total liabilities and equity & 722,000 & 1,017,000 \\ \hline \end{tabular} Etna Ltd offers discounted bundled health insurance packages. Etna Ltd's bundled service package includes 'joining fee' which is offered at the inception of the contract and two ongoing services - Dental services' and 'Chiropractic services' over a one-year period. Customer L pays $16,000 upfront, on 1 July 2020 . Etna Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be as follows. (2. marks) The end of Etra Ltd's reporting period is 30 June. Required a). Prepare the journal entry to record this transaction in accordance with ASB 15/1FR 15 at 1 fuly 2020 (at inception of the agreement) (1 mark) b) Prepare journal entries for the year ended 30 June 2021. (1 mark)