Please, I need correct answers and clear explanation. Thanks

2. On lune 15, Muskoka Rentals (MR) entered into a contract to provide the toeing t Tomulka Inc for their event on August 15, 2018. 1,500 White folding chairs 40 large round tables 40 large table linens Th?andard contract prices are as follows: Chairs Table linens Round tables Arbour Delivery (including set up) Pickup (induding tear down) Standard cost per item $2.50 510 $20 $250 $450 $200 Muskoka Rentals has charged $5,500 total for the rental, set up, take down and delivery. MR will deliver the items on August 15, 2018, and they will pick it up on August 22, 2018. MR has never done business with Tomulka Inc in the past, however, the Tomulka Inc has an excellent credit rating Set up will occur on August 15, and takedown will occur on August 22 Explain when revenue should be recognized for each source of revenue using the IFRS 15 revenue recognition criteria Prepare the journal entries. Notes: - You must address the 5 steps in IFRS 15 Prepare step 4 using excel. Bonus marks will be awarded for excel files that utilize formulas and have been laid out in an easy to read manner