On 1st March 20X9, Glenelg Ltd entered into an agreement with its customer, Cleland Ltd, to develop a new e-farming system. The agreement states that the total consideration for the system is $1,000,000. Total costs for developing the system were estimated to be $800,000. At 30 June 20X9, the end of its reporting period, Glenelg Ltd had incurred the following costs in relation to the agreement with Cleland Ltd: Total labour costs of $150,000, of which $50,000 was an advance payment to a subcontractor who had not performed their work on the project as at 30 June 20X9. Total incurred materials costs of $460,000 includes: Materials wasted $8,000. Purchase of supplies of $16,000, of which 50% remains on hand for the future development of the system. The other half of the supplies were used in the development of the system to its current stage. Amounts relating to a performance obligation that is not yet satisfied $300,000. As at 30 June 20X9, Cleland Ltd had made progress payments to Glenelg Ltd of $300,000. Glenelg Ltd calculates the measurement of progress using input methods in accordance with paragraph B18 of AASB 15/IFRS 15. Required: (Please label your responses as 1), 2), 3).) 1) Calculate the revenue to be recognised from the contract by Glenelg Ltd for the year ended 30th June 20X9. Workings are needed. (6/10) 2) Prepare the journal entries to record the revenue generated for the year ended 30th June 20X9.(1/10) 3) Explain whether the $8,000 of wasted materials can be capitalised as an asset. (3/10)