On November 15, 2021, AquaTech Ltd. entered into a contract with Hogwaters Breweries Ltd. To sell it fully automated bottling equipment which would enable the micro-brewery-to bottle to 1,200 bottles per hour! The contract also included AquaTech selling Hogwaters some critical spare parts that would enable Hogwaters to quickly get the bottling machine back into operation it broke down. Details of the contract are as follows: . The total price of the contract - $292,000. AquaTech normally sells the bottling equipment for $285,000, The spare parts have a stand-alone price of $15,000. The bottling machine cost AquaTech $188,000, while the spare parts had a cost of $10,000. The contract requires AquaTech to deliver and install the bottling machine by November 30, 2021. The spare parts must be delivered within 30 days of the Installation of the bottling machine. . Hogwaters agrees to pay $285,000 when the bottling equipment has been installed and the balance when the spare parts are delivered. AquaTech delivered and installed the bottling machine on November 22, 2021, and Hogwaters made the required payment on November 27, 2021. The spare parts were delivered on December 5, 2021, and Hogwaters paid the balance of the contract on December 11, 2021. Required a. Using the five-step model for revenue recognition, determine when and how much revenue AquaTech would be able to recognize for the months of November and December 2021. b. Prepare the journal entries to record the above transactions.