On 1st December 2021 Herd Products launched a mobile phone contract on the following terms Deposit of 50 followed by 24 monthly payments of 50 2 year contract with unlimited texts/calls/data The Contract includes a free AIKON smart phone The "stand alone" values of the AIKON phone and contract are 500 and 25 a month respectively Note : 1,000 Contracts were sold in December 2021. (a) Required Show the Revenue that Herd should recognise in relation to the contracts for the year ended 31 December 2021 (6 marks) (b) In October 2021, Herd also started selling Gift Cards. The Cards are sold in multiples of 10 each and have a "life" of 12 months. Initially Herd estimated that 90% of the cards sold will be redeemed within the 12 month period. 1,200 Cards were sold up to 31 December 2021 and by that date 450 Cards had been redeemed. Show how the initial sale of the Cards and their subsequent redemption should be accounted for in the year ending 31 December 2021. (4 marks) Total (10 marks)