Question 5 (18 marks) Denim Corporation is a Canadian public company whose shares are listed on the TSX. The company has a December fiscal year-end. On March 1 2019, signed a contract with Blue Electric to deliver 1,000 transformers for a total amount of S450,000. Each transformer sells for $450 cach and has a cost of $285. Denim has stipulated in the contract that Blue Electric may return any of the items within 45 days of delivery and receive a full refund. On the basis of historical experience, Denim estimates that 6% of the items will be returned. It also expects that any returns can be resold. On April 30, Denim delivered all the goods on April 30 and Blue Electric accepted them. On May 31, 2019, Blue Electric returned 50 transformers and on June 20. the company paid the final balance owing. Required: (Show supporting calculations for part marks.) (a) On what date(s) can revenue be recognized by Denim Corporation and for the date(s) chosen indicate the amount of revenue that can be recorded. (4 marks) (b) Prepare the necessary dated journal entries on the books of Denim Corporation to record the above transactions (14 marks) Note: If you need more journal entry blocks or if you feel you need to expand the journal entry block, please copy and paste. (a) (b) DR CR DR CR DR CR DR CR