Question 4 Revenue Recognition, 14 Marks (suggested time 30 minutes) Part A-Warranties 5 marks On December 31, 2020, Santa Company (who follows IFRS) sells production equipment to Dasher Inc. for $60,000. Santa includes a one-year assurance warranty service with the sale of all its equipment. The customer receives and pays for the equipment on December 31, 2020. In addition, Santa also sells to Dasher an extended warranty (service type warranty) for an additional two years (2022-2023) for $1,800. Required (a) In regards to this sale, calculate the amount of cash Santa will receive on December 31, 2020. (b) How much of the sale can Santa recognize as revenue in each of 2020, 2021, 2022, and 2023