Luka Ltd provides a bundled service offering to Eden Ltd It charges Eden Ltd $40 000 for an initial connection to its network and two ongoing services access to the network and on call troubleshooting advice for 2 years Eden Ltd pays the $40 000 upfront, on 1 July 2020 Luka Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be Connection fee $ 6 000 Access fee 14 000 Troubleshooting 25 000 The end of Luka Ltds reporting period is 30 June Required Prepare the journal entries to record this transaction in accordance with AASB 15 IFRS 15 for the year ended 30 June 2021 and 30 June 2022, assuming Luka Ltd applies the relative fair value approach Show all workings Round up your answers to the nearest dollar Narration is not required

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Luka Ltd provides a bundled service offering to Eden Ltd. It charges Eden Ltd $40 000 for an initial connection to its network and two

Luka Ltd provides a bundled service offering to Eden Ltd. It charges Eden Ltd $40 000 for an initial connection to its network and two ongoing services access to the network and on-call troubleshooting advice for 2 years.

Eden Ltd pays the $40 000 upfront, on 1 July 2020. Luka Ltd determines that, if it were to charge a separate fee for each service if sold separately, the fee would be:

Connection fee	$ 6 000
Access fee	14 000
Troubleshooting	25 000

The end of Luka Ltds reporting period is 30 June.

Required:

Prepare the journal entries to record this transaction in accordance with AASB 15/IFRS 15 for the year ended 30 June 2021 and 30 June 2022, assuming Luka Ltd applies the relative fair value approach. Show all workings. Round up your answers to the nearest dollar. Narration is not required.