On 10 January 2023, Natasha Westport signed a contract with Boutique Sound Ltd for the total sound renovation at her home. The price for the contract is $25,300 (including GST). In exchange, Boutique Sound Ltd will: Deliver and setup sound systems in the lounge and games room, normally valued at $16,000 (excluding GST). This is scheduled for 18 January 2023. Install high-quality audio wiring, additional speakers and touchpads throughout the homes, normally valued at $6,000 (excluding GST). This is scheduled for 5 February 2023. Deliver and install an outdoor audio system for Natashas spa pool area, normally valued at $3,000 (excluding GST). This is scheduled for 11 February 2023. Boutique Sound Ltd prides itself on punctuality and meets its performance obligations on the scheduled dates. An invoice for the full amount of the contract is given to Natasha on the day that the sounds systems are setup. It is due within 10 business days. However, Natasha is late to pay the invoice, attracting a 2% penalty on the amount owed; she pays the full amount and penalty on 2 February 2023. Required: (a) Apply the fourth step in the five-step revenue recognition model to the above scenario in order to determine how the contract price of $25,300 (including GST) will be allocated to the three performance obligations. (4 marks) (b) Prepare entries in Boutique Sound Ltds general journal for all the events in the above scenario. Note: Narrations are not required for the entries.