Please, I need a correct answers. Thank you,

Application Problem

On February 13, 2018, MacMulka entered into a contract with Samdon to supply 10 advanced baby monitors in their daycare facility. Details of the contract are as follows:

The contract is worth $14,500 and includes the supply and complete installation of the monitors.

The individual machines can be purchased for $1,400 each.

The cameras are purchased in bulk from a third party at a cost of $800 each.

When MacMulka does installation and configuration work for other customers, they normally charge $120 per machine. This work includes both the physical installation and the configuration. It is estimated that 80% of the total time spent is on the configuration of the software.

The contract requires the cameras to be installed by March 15, 2020.

Required:

Apply the IFRS 15 - 5 step model to the above transaction.

Prepare the journal entries