Semnet Ltd (Semnet) is a company that was founded by a Botswana family that immigrated to Namibia many years ago. The company expanded tremendously in the last couple of years and was listed on Namibian stock exchange. Computer system On 2 January 2015, Semnet purchased a new computer system to monitor the production process of their product range. The computer system was ready and available for the intended use of management on 2 January 2015, but was brought into use on 2 February 2015. The supplier issued Semnet with the following invoice: Computer system N$ 310 000 Delivery charge N$ 9 000 Professional engineer parameter setting as part of installation N$ 8 500 N$ 327 500 Semnet provides for depreciation at 10% per annum on the straight-line method on the computer system. The residual value of the computer system at the date of acquisition was estimated to be N$ 14 500. While preparing the financial statements for the year ended 31 December 2020, management were of the opinion that the computer system might be impaired. An impairment test was performed and the carrying amount of the computer system was impaired to a recoverable amount of N$ 135 000. There was no change to the residual value. At 31 December 2021, the recoverable amount of the computer system was reassessed. It was determined that there is an active market for this type of computer system and at 31 December 2021 it could have been disposed of to a knowledgeable, willing buyer for N$ 92 500. The costs of dismantling and removing the equipment were estimated at a present value of N$ 7 500. The present value of the expected return from the use of the computer system over the remainder of its useful life amounted to N$ 114 000. There was no change to the residual value. Vehicle On 1 December 2021, the accountant discovered that a vehicle that was ordered on 1 January 2021, which was delivered and paid for in cash on 1 February 2021 of a value of N$ 1 050 000 and it has been incorrectly expensed as repair costs in the accounting records of Semnet. It is the companys policy to calculate depreciation on vehicles on 20% per annum using the diminishing-balance method. The vehicle had a N$ 50 000 residual value. Revenue FACULTY OF COMMERCE, MANAGEMENT AND LAW OLD CURRICULUM MODULES The financial accountant of Semnet is unsure what criteria should be met for a contract with a customer to fall within the scope of IFRS 15. Your assistance to provide more clarity on this matter will be much appreciated by the client. Required: a) Calculate the carrying amount of the computer system on 31 December 2020 and on 31 December 2021. (10) b) Prepare the journal entries to process the transactions of the computer system and vehicle for the year ending 31 December 2020 and 31 December 2021. Next to each account, show clearly whether it belongs in the statement of financial position, the statement of comprehensive income through profit or loss, or the statement of changes in equity by respectively showing the following in brackets: (SoFP), (P/L) or (SCE). Journal narrations are not required. (10) c) Please discuss the criteria which must be met for a contract with a customer to fall within the scope of IFRS 15