Q6. Revenue recognition (21 points) Venden Company sells 100 products for $100 each to Amaya Inc., payable in 30 days. Venden allows Amaya to return any unused product within 60 days and receive a full refund. The cost of each product is $60. To determine the transaction price, Venden decides that the approach that is most predictive of the amount of consideration to which it will be entitled is the most likely amount. Using the most likely amount, Venden estimates that: - Three products will be returned. - The costs of recovering the products will be immaterial. - The returned products are expected to be resold at a profit. How should Venden record this sale? Show journal entries under both IFRS and ASPE, including the entries to reflect cost of sales. Also, how should Venden record the return of two products under both IFRS and ASPE? (Note: For the return, assume the refund was made on account to the customer and Venden held no other receivables related to the customer)