Question 2: Revenue recognition B (10 marks) Tang enters into a contract with a customer to sell an existing printing machine such that control of the printing machine vests with the customer in two years' time. The contract has two payment options. The customer can pay $400,000 when the contract is signed or $441,000 in two years' time when the customer gains control of the printing machine. The interest rate implicit in the contract is 5% reflecting Tang's incremental borrowing rate in separate financing transactions with its customers. The customer paid $400,000 on 1 January 20X1 when the contract was signed. On January 1, 20X3, Tang delivers the printing machine with a cost of the production of $300,000. Required: Determine how the above contract should be accounted for under IFRS 15 on January 1 20X1, December 31, 20X1, and December 31, 20X2, and Jan 1, 20X3. Provide the related journal entries on these dates