Steven Beggs signs a one-year contract with Sheridan Streaming. The terms of the contract are that Steven is required to pay a nonrefundable initiation fee of $420. After the first year, Steven can renew his membership by paying an annual membership fee of $8 per month. Sheridan determines that its customers, on average, renew their annual membership three times after the first year before terminating their membership. What amount of revenue should Sheridan recognize in its first year given that the membership renewal is a material right? The company follows iFRS. Revenue recognized in first year $ eTextbook and Media