EIA Painting Shop ("EIA) sells a tailor-made and new painting to a customer for $2,480 on 29th March 2020. The cost of the painting to EIA is $1,600 and the cash selling price of the painting is $2,000, which represents the amount that the customer would pay upon delivery for the same painting sold under otherwise identical terms and conditions as at contract inception. EIA offers a favourable term that the consideration can be payable 24 months after delivery and EIA also allows a return of the painting within 90 days. The painting was delivered on 31st May 2020 and the customer paid $2,480 on 31st May 2022. EIA's financial year end is on 31st December. REQUIRED Prepare journal entries to record the following: (a) When the product is transferred to the customer. (1 mark) (5 marks) (b) When the right of return lapses (the product is not returned). (c) At the financial year ended of 31st December2020. (1 mark) (d) At the financial year ended of 31st December2021. (1 mark) (e) On the date of payment received from the customer. (2 marks) (Total 10 marks)