Dear tutors, please answer the question below based on MFRS15. Thank you
Tutorial Chapter 1 In the following independent situations, identify whether the revenue can be recognized based on MFRS 15 Revenue from Contracts with Customer. Support your answer with a brief explanation and calculation. a) Fie Co. is an engineering company that works in the Energy sector and an oil and gas producer in Turkey. On 21 April 2019, this company entered a contract with Alwand Co. which is from health care sector. Fie Co. transfers land ownership in Istanbul to Alwand Co. under a contract in return for Labours annual check-up on October 2020 . The total contract price is RM5,000,000, and the fair value of transferred land is RM3,500,000. (5 marks) b) Zeynab Co. is the producer of "Pyjamas". On 2 August 2019, the company entered into a contract on consignment basis with Ariani Co. to sell them 200 packs of Pyjamas under Glory package. Each Glory package priced at RM250 per pack. However, due to COVID-19 pandemic, Ariani Co. only received 100 packs of Glory on 1 March 2020. Ariani Co. has sold only 100 packs that it had. (5 marks) c) Nouruz Bhd. is the producer of "Tanori Chicken". It sells its product on consignment basis. For the month ended 28 February 2019, Nouruz Bhd. has delivered 5,000 cartons of "Tanori Chicken: to Eid Grocer. Reports from the supermarkets show that 4,000 cartons have been sold to final consumers during the month of February 2019. The price of each carton is RM50. (5 marks) d) Cantik Bhd. is a company in consumer product industry which produces all types of traditional decorations for hary raya (such as, lamp, artificial flower and wind chime) in Sarawak. The selling prices of lamp, artificial flower and wind chime are RM50, RM120, and RM85 respectively. The company also sells the items in a package which consists of lamp and wind chime for RM110. On 5 September 2019, Cantik Bhd had entered into a contract to sell the 2 products (lamp and wind chime) named "Ketupat" at a special price of RM100. Amin bought 1 "Ketupat" from cantik Bhd. for hary raya. (5 marks) P/s. By using the 5 -steps of MFRS 15 Revenue from Contracts with Customer, ellaborate in details steps to recognize the revenue