Electronics Inc. buys and sells photocopy equipment that are used in businesses across Ontario. . The company follow IFRS. Unit selling prices range from $10,000 to $100,000. + . - Electronic.Inc. sells.a.photocopy system.to Centennial.College.on September 10th, 2020. The selling.price.for the.photocopy equipment is .usually.$85,500. . - Electronic.Inc. will.also.install.the .photocopy system. .The estimated .fair value of. installing the photocopy.system is $2,700..9 . - Electronic.Inc. will also provide one year of maintenance service for the.photocopy. system. .The fair.value.for the maintenance for the year is $1,800. .91 . - Electronic.Inc. sold .the photocopy system with installation and maintenance to. Centennial.College for $85,000. The photocopy system .cost.Electronic.Inc. $45,000.1 . > Centennial.Inc. is obligated to pay.Electronic Inc. $20,000.upon.delivery of the. photocopy system and the balance on November 15th. . I . - Electronic-Inc. delivers the.photocopy equipment.on October .15th, 2020, and.completes the installation of the photocopy equipment.on .November 1st, ..2020. .91 . - On .December.31st. Centennial.College.pays for.2.months of maintenance.services. .The. following December .31st.Centennial .College.pays for . 10.months of maintenance. services. ..9 On November 15th Centennial College informs Electronic Inc. that they will be not be able to pay their account that is due. The two parties enter into an agreement that the account will be converted into a non-interest bearing promissory note to be repaid in one year from now. The maturity value of the note is $67,098. Centennial College borrows fund at a rate of 6%. Electronic Inc. has various loans at 5% interest. "The company's year end is December 3 1 st. . 1\f