Please help me in solving this as per IFRS 15($15($Also calculate annual service revenue with the discount factor)$)$ Modern Engineering ($($ME)$)$ entered into a contract for 3−$3-$year maintenance services with a manufacturing concern. Same service will be rendered over 3−$3-$year period. Contract required 100%$100\%$ upfront fees of Rs.300,000$.300,000$ payable at the time of agreement on January 1,2018.$1,2018.$ Prevailing market interest rate for ME is 12%.$12\%.$ ME prepares its financial statements on 31$31$st December every year.

Required:

All journal entries for above transaction.