Question 2 has two parts, each part is independent of each other (10 marks) Part 1 (6 marks) For each of the following independent cases worth two marks each, identify i) the specific date revenue should be recognized and, ii) how much revenue should be recognized on that date. a) On December 31, 2020, Totem Corporation agreed to sell a piece of equipment to a customer for $40,000. The equipment would be delivered on January 31st, 2021. The customer paid Totem $25,000 on December 31, 2020 and will pay the remaining $15,000 on December 31, 2021. The customer will also pay 4% of interest on the $15,000 b) A taxi cab company signs a contract with Durham Region to rent the region 100 cabs for a total of $480,000 over a two year period of time. c) The July 24th, 2020 sale of a product for $120,000 (cost of goods valued at $110,000) to a retailer who has the right to return until August 31, 2021. The product was delivered July 24, 2020. This is a not a new product and the company has been able to accurately estimate returns at 4%. Part 2 (4 marks) For each of the following independent events, describe the appropriate accounting treatment. In each scenario, assume that the year-end financial statements have not yet been issued. Specifically state whether the event should be reported in the financial statements and/or only in the notes. Briefly explain your answer. a) A company's year-end is December 31, 2020. On January 21st, 2021, the company issued 20,000 new common shares. This issuance increased the number of shares by 20%. b) On January 28th, 2020, just prior to the 2019 year-end financial statements being issued, the company received an income tax reassessment for $45,000. This reassessment stated that the company owed an additional $45,000 for the fiscal year 2018