ect V6-8 IFRS-Revenue Recognition (LO6.2, LO6.3, LO6.4, LO6.6, LO6.7, LO6.9, LO6.11, LO6.12, LO6.13, LO6.14): Dominum Corp. is a mining company that mines, produces, and markets teledine, a common min- eral substance. The mineral is mined and produced in one large batch per year, as the mine is accessible only for a brief period in the summer due to severe weather conditions at the mine site. Dominum has an advance purchase contract with one customer that takes all of Dominum's out- put each year. The agreement allows the customer to return defective product for up to 60 days from the date of delivery. Transactions in 20X6 were: 30 August 30 September 15 October 25 November 30 November 186,000 tonnes of teledine ore removed from the mine, at a cost of $4,300,000. All of the ore refined to 115,000 tonnes of teledine, at a cost of $640,000. A deposit is received from the customer for $1,350,000 (10% of the contract amount). All of the teledine delivered to the customer, total contract price, $13,500,000. At this point, 50% of the contract amount is received. Dominum estimates, from historical experience, that 7% of the goods might be returned. Five percent of the teledine is returned for full credit; ore had been improperly refined and the teledine was unusable; customer given full credit for $675,000 and the unusable teledine scrapped. No other returns are anticipated. Customer fully paid the final amount owing. Required: 1. Assess the five steps for revenue recognition and determine when the performance obliga- tion is complete. Prepare all the journal entries to record these events. 2. If the customer instead asked for Dominum to hold onto 30% of the production until the customer asked for delivery, how would the journal entries in requirement 1 change?