Part B. Electro Co. recently developed an incentive scheme that allows customers to defer payments to boost sales. On May 1, 2018, a customer signed a purchase agreement with Electro Co. for a television. The television had a list price of $10,000, which represents the price the customer had to pay if full-payment would be made on the purchase date. < The contract permitted the customer to return the television within 3 months, and Electro Co. did not have past experience regarding the return rate of the television. < After the expiration of the return period, the customer paid Electro Co. $5,500 on April 30, 2019 and $5,250 on April 30, 2020. The interest rate charged by Electro Co. is 5% per annum. < The television had a cost of $4,000. Electro Co. has a fiscal year-end of April 30. < (a) Can Electro Co. recognize sales revenue on May 1, 2018? Why? (2") < (b) Please provide the journal entries related to this sales transaction for Electro Co. Please clearly denote the dates of each journal entry. (7')