QUESTION 1 (20 MAREKS) PART A (12 MARKS) Fang Inc. sells accounting software for a price of $20,000. To make the sale more attractive, Fang Inc. offers to sell the software inclusive of a three-year service contract for $27,000. A comparable service contract is sold separately for $12,000. A customer approached Fang Inc. with respect to the sale. A contract was signed on January 1,2021 and the customer paid Fang Inc. cash. Required: Assess the five steps for revenue recognition and determine when the performance obligation is complete marks) (8 Provide journal entry or entries to record the sale of the software and service contract on January 1, 2021 and any adjusting entry on December 31, 2021 (i.e. the company's fiscal year) (4 marks)