QUESTION 1 (11 MARKS, 22 MINUTES) SLG Capital Inc. designs and builds luxury custom homes across Canada and has a September 30th year-end. During the 2020 fiscal year, SLG has signed a contract with Belview Real Estate to design and build 12 custom homes in Toronto. The contract price was $12,750,000, which includes the design and build of 12 custom homes. SLG's management estimates that the design component of the contract would be valued at $500,000 while the building of the homes component of the contract would be valued at $13,200,000 if contracted separately. Upon signing the contract, Belview Real Estate paid a deposit of $1,275,000 (10%). The design component of the contract was completed on March 1, 2020, whereas construction of the home began on March 15, 2020. As at September 30, 2020, SLG's Management estimates that 65% of the homes have been completed. Required: Using the five-step model for revenue recognition, determine when and how much revenue SLG Capital would be able to recognize for the year-ended September 30, 2020. Round percentages to the nearest two decimal places