THIS IS THE QUESTION THX!

Question 5. (21 marks) * * *Round your answers to the nearest dollar * * * Part A. FinTech Lid. is a developer of cutting-edge trading platforms. On June 1, 2018, Thrifty Ltd. Please provide the journal entries related to the above transaction for Fin Tech Lid. Fin Tech Ltd. purchased are trading terminals from FinTech Lid., and FinTech agreed to perform complimentary keeps separate ledger accounts for trading terminals, installation-, and training-related installation service free of charge. Thrifty Lid. also purchased a training package from Fin Tech Ltd. revenues and expenses. Please clearly indicate the dates of differentjournal entries. (12') with a discount. The training package would entitle Thrifty to receive training and consultation services for 12 months. Part B. Electro Co. recently developed an incentive scheme that allows customers to deferpayments Information about this sales contract and the associated costs is as follows: to boost sales. On May 1, 2018, a customer signed a purchase agreement with Electro Co. for a Stand-alone selling price | Contract sales Cost to FinTech Ltd. television. The television had alist price of $10,000, which represents the price the customer had to Trading terminal $500,000 each $500,000 each $200,000 each pay if full-payment would be made on the purchase date Installation service $10,000 free $5,000 (payable to the The contract permitted the customer to return the television within 3 months, and Electro Co. did not technician after successful have past experience regarding the return rate of the television. job completion) Training package $60,000 $30,000 $24,000 (payable to After the expiration of the return period, the customer paid Electro Co. $5,500 on April 30, 2019 and training staff at the end of $5,250 on April 30, 2020. The interest rate charged by Electro Co. is 5% per annum the training period) Total $1,030,000 The television had a cost of $4,000. Electro Co. has a fiscal year-end of April 30. (a) Can Electro Co. recognize sales revenue on May 1, 2018? Why? (2') Thrifty paid FinTech $1,030,000 on June 1, 2018. FinTech delivered the two trading terminals to Thrifty on June 15, 2018 and completed installation on that day. The training session started on July (b) Please provide the journal entries related to this sales transaction for Electro Co. Please 1, 2018. Fin Tech has a fiscal year-end of December 31. clearly denote the dates of each journal entry. (7')