Hi i got this question wrong on my midterm can you please show me step by step how to get the correct answer.

Question 3 (16 Marks, 20 minutes) On June 15, 2023, Cool Air Ltd. signed a contract with URM Corp. to supply and install 4 air conditioning units, and provide two years of maintenance services, for a total price (all included) of $24,000. The air conditioning units typically sell for $6,000 each including installation, and the maintenance fee is typically $100 per month for the four units. The air conditioning units were delivered and installed on July 1,2023, at which time Cool Air Ltd. invoiced URM Corp. for the full $24,000. URM paid in full on that date. The maintenance services would be provided monthly under the contract until June 30,2025. Required: (a) With respect to the above transaction explain the five-step model for revenue recognition under the contract-based approach. 1) Identify the contract with the customer 2) Identify the performance obligations in the contract 3) Determine the transaction price 4) Allocate the transaction price to performance obligations (as applicable) 5) Recognize revenue when performance obligations are satisfied (10 marks) (b) Prepare the journal entries in the books of Cool Air Ltd. to record all of the above transactions in June / July 2023, including correct dates for each entry presented. (3 marks) (c) If Cool Air Ltd. has a December 31, 2023 year end, prepare any adjusting entry that may be required at that date