Maple Leaf Inc. sells a customer an airline ticket on March 29, 2021 to fly business class from Toronto to Hong Kong on April 3, returning July 1, 2021. The fare is $12,500 and was charged to the customers credit card on March 29. The Toronto to Hong Kong flight has a cost of $4,200. The return flight from Hong Kong to Toronto has a cost of $8,300. Maple Leaf Inc. reports quarterly and has a December 31 year end.

Required: List each step in the IFRS 15 five step revenue recognition process and explain how it will be specifically applied by Maple Leaf Inc. for this transaction. Conclude by stating the amount of revenue by quarter that Maple Leaf Inc. would recognize.