Design It Limited signed a contract with Akiso Limited (the customer) on the 1 January 2020. The terms of the contract included the following: Design It Limited would supply and install a stage in the amphitheatre on the 1 March 2020 after which it would be required to supply and install the equipment for the stage including the surround sound system. - The customer promised consideration of R245 000 payable by the 30th of April 2020 at the latest after both the stage and the required equipment are installed. - The contract is cancellable in the event of non-performance. - The stand-alone selling prices for the supplied and fitted products are as follows: Stage R150 000 Equipment R95 000 Design It Limited supplied and installed the stage on the 1st of March as agreed and the equipment on the 7th of April. Control over the stage and the equipment passes to Akiso Limited on this day. Amount owing by Akiso Limited is paid over on the 29th of April 2020. Prepare the journal entries for the year ended 30th of June 2020 What five criteria must be met to ensure a contract exists? What is a wholly unperformed contract?