On 1ST January 2020 Afritem signed a contract with a customer agreeing to provide services over a 3- year period at a contact price of 48 000, payable in advance. The estimated cost of providing the annual services is as follows. Estimated Cost (R) Year 1 12 000 Year 2 18 000 Year 3 27 000 A reasonable mark-up on cost for all performance obligations is considered to be 20%. Assume the following: - All services are performed at year-end. The effect of any financing benefit is considered to be insignificant. The three annual services are considered to be three separate performance obligations Required A Prepare the journal entry to record the transaction at 1 January 2020 Journal 1 Debit Credit Dr Cr Dr Cr Required B Journal 3 Prepare the journal entry to record the transaction at 31 December 2020 Debit Credit Dr Cr Required C Journal 6 Prepare the journal entry to record the transaction at 31 December 2021 Debit Credit Dr Cr