Laelia Ltd sells airplanes for $20,000 each. These airplanes are designed for individual use and can transport customers up to 200 kilometres in one go. Laelia Ltd can also provide custom-designed hangars for its customers' airplanes at Dawson Creek, Queensland for $2,500 per year. These hangars can only cater to airplanes sold by Laelia Ltd due to regulations. Laelia Ltd sells these items either separately or as a package. On 1 October 2020 Laelia Ltd enters into a contract to sell an airplane and one year of hangar facilities to Peter Do for $20,500. Cash payment is required at this date, after which legal title to the airplane passes to Peter Do and the hangar services commence. Peter Do is free to fly the airplane anywhere and he is not bound by any restriction. Please ignore effects of GST. REQUIRED: (a) Explain how Laelia Ltd would account for the revenue associated with this transaction with Peter Do in accordance with the requirements of AASB 15 'Revenue from Contracts with Customers'. (14 marks) Insert your answers in the spaces provided. Show ALL working and explanations necessary to support your answer. Step 1 - Identify the contract Step 2 - Identify the performance obligation(s) Step 3 - Identify the transaction price Step 4 - Allocate the transaction price Step 5 - Recognise the revenue as performance obligation(s) is(are) satisfied (Question 1 continued) (b) Prepare general journal entries in the books of Laelia Ltd to record revenue, if any, on 1 October 2020 and on 31 October 2020 (the end of the first month of the contract). Round your answers to whole dollars. (6 marks) Insert your answer in the space provided