On 1 February 2023, FastNet Ltd entered into an agreement with Smith Ltd to develop a new database system (both hardware and software) for Smith Ltd. The agreement states that the total consideration to be paid for the system will be $430000. FastNet Ltd expects that its total costs for the system will be $335000. As the end of its reporting period, 30 June 2023, FastNet Ltd had incurred labour costs of $65000 and materials costs of $180000. Of the materials costs, $30000 is in respect of materials that have not yet been used on the system. Of the labour costs, $12500 is an advance payment to a subcontractor who had not performed their work on the project as at 30 June 2023. As at 30 June 2023, Smith Ltd had made progress payments to FastNet Ltd of $250000. FastNet Ltd calculates the measurement of progress using input methods in accordance with paragraph B18 of AASB 15/IFRS 15.

Required

Calculate the revenue to be recognised by FastNet Ltd for the year ended 30 June 2023 and prepare the journal entries to record the transactions described. Assume all of FastNet Ltd's costs are paid for in cash.