Question 1 Determine whether there is a material in the following situations and provide your justifications. Situation A An entity enters into a contract with a customer to provide the new iPhone and service coverage which includes (among other terms) 2,000 Canadawide minutes a month for a price of $70/month. If the customer goes over their minutes, they will be charged for additional minutes at the stand-alone selling price of $0.35/minute. Situation B An entity enters into a contract with its customer whereby the customer must pay a significant nonrefundable upfront fee (that does not relate to a specific promised good or service) but entitles the customer to renew the contract annually without having to pay an additional fee. Situation C An entity is a wholesale distributor of hair salon products that are generally accessible through a membership fee only. In an effort to expand the business and increase market share, the entity is no longer limiting accessibility to individuals with memberships and is allowing new customers to make purchases without requiring them to purchase membership cards. All new customers are provided a 10% discount voucher on any purchases made in the month of May. However, in an effort to encourage existing members to continue to shop and increase their purchase volume, the entity is offering these members a 30% discount voucher on all their purchases made throughout the month of May, if they purchase product X in April