East Jet Inc. sells a customer an airline ticket on March $29,2023$ to fly business class from Toronto to Hong Kong on April $3,$ returning July $1,2023.$ The fare is $$12,500$ and was charged to the customer's credit card on March $29.$ The Toronto to Hong Kong flight has a cost of $$4,200.$ The return flight from Hong Kong to Toronto has a cost of $$8,300.$ East Jet Inc. reports quarterly and has a December $31$ year end.

 

 

Required: List each step in the IFRS $15$ five step revenue recognition process and explain how it will be specifically applied by East Jet Inc. for this transaction. Conclude by stating the amount of revenue by quarter that East Jet Inc. would recognize.