help

On 15 December 2021, HK Wave Limited entered a contract with Asia Concrete Company. It purchased $15,000 concrete from Asia Concrete Company, with credit terms of 2/10,n/30. Asia Concrete delivered the concrete on 18 December and received the payment on 20 December. Required: (Answers should be rounded to the nearest dollar.) (a) Prepare the journal entries for HK Wave Limited related to this contract, assuming it adopts perpetual inventory system and gross method to record the purchase. (6 marks) (b) Asia Concrete Company recorded the sales revenue on 15 December 2021. Is it correct? Justify your answer with revenue recognition principle. (4 marks)