Part (B) On July 15. 20X1. Lemon Company signed a sales contract and agreed to sell machinery inventory costing $336,000 to Custom Limited for $480,000. Lemon Company sells all its products with the standard company 30-day warranty providing assurance to all customers that the delivered products comply with the agreed-upon specifications. The July 15, 20X1 sales contract with Custom Limited also specified that Lemon Company would deliver the machinery to Custom Limited on August 1. 20X1, and Custom Limited would pay Lemon Company the contract price of $480,000 on November 1. 20X1 The machinery inventory was delivered as scheduled to Custom Limited on August 1. 20X1. On August 15. 20X1, Lemon Company incurred $80,000 for additional work done on the machinery to meet contract specifications in accordance with the warranty requirement. No further work was needed before the warranty expired on August 31, 20Xi. On November 1, 20X1. Lemon Company received the full $480,000 payment from C ustom Limited. For accounting prposes, Lemon Company decided to recognize revenue on the above inventory sales to Custom Limited at the date of collection of the $480,000 Lemon Company is listed on the TSX and has a December 31 year end. Management of the company decided to opt for early adoption of IFRS 15: Revenue from Contracts with Customer three years ago Required: (i) What conditions do you think would justify the particular accounting treatment used by Lemon Company to recognize revenue on the above inventory sales to Custom Limited? (ii) Prepare the joumal entry, if any, on each of the following dates for Lemon Company in relation to its inventory sales to Custom Limited July 15, 20X1 August 1, 20X1 August 15, 20X1 August 31, 20X1 November 1, 20X1