this is very urgent please help fill in the blank... i provided the word options for the blacks as well. thank u

p 1. The ownership (or control) and benefits of the goods have in provided to the customer. satisfy this criteria as it Step 2. The amount of revenue to be received can be reliably meas ht Newry will receive for each hour of consulting services provided: Step 3. It is probable that the customer will pay for the goods or serv tside has always paid Newry on a timely basis, so it is probable Westsic ry can recognize revenue of each time it provides Westside S Step 1. Identify the contract transaction price when it beco ne contract is between Newry ar What will Newry provide Wests Total price of the contract: Evaluate the probability the custo specify its terms, and ex $5 2. Identify the terms as $14,400 $1,200 $240 saction price when it becd 20X1, Newry Consulting Ltd. signed a contract hours of consulting services per month from January through December of 202. The contract requi a total of $14,400 for these services, with payments of $1,200 due at the end of each month. Newry services to Westside in the past and has always collected its fees on a timely basis. ASPE revenue recognition standards as a guide, determine how Newry Consulting Inc. would recogr his transaction under both ASPE and IFRS. 1. The ownership (or control) and benefits of the goods have been transferred to the customer, or the sen rovided to the customer. satisfy this criteria 2. The amount of revi ewry will receive for ea P 3 . It is probable that s due. has always paid Newr an recognize revenue 0 ep 1. Identify the contrs saction price when it be is due each mo ntract is between Newry will Newry provide We price of the contract: tale the probability the customer will pay the transaction price when it becomes due. nition standards as a guide, determine how Newry Consulting Inc. would recognize oth ASPE and IFRS. n a timely basis, the bill as it comes due performance obligations in the contract. hee obligation in this contract? hee obligations are in this col nsaction price. saction price to the separate perf tacn month of consulting service pps, the total transaction price is \$ the whole year's consulting services venue when (or as) the business satisfies each performance obligation. each time kf provides Westside with of consulting services in On December 1,20X1, Newry Consulting Ltd. signed a contract with Westside Inc., Westside with 5 hours of consulting services per month from January through Dece Westside to pay a total of $14,400 for these services, with payments of $1,200 due provided similar services to Westside in the past and has always collected its fees on Requirement Using IFRS and ASPE revenue recognition standards as a guide, determine how revenue from this transaction under both ASPE and IFRS. Westside has always paid Newry on a timely basis, each month. IFRS Step 2. Identify the separate performance obligations in the contract. What is the separate performance obligation in this contract? How many separate performance obligations are in this contract? IFRS Step 3. Determine the trans Transaction price: IFRS Step 4. Allocate the transac $240 As determined in previous steps, performance obligation hours. Price per hour: $14,400 arate performance obligations in the $5 price is $14,400 and it should be alloc IFRS Step 5. Recognize revenue $1,200 Newry can recognize revenue of 202 siness satisfies each performance obliga each time it provides Westside with text pages Westside with 5 hours of consulting services per month from January through December of 202. The contract requires Westside to pay a total of $14,400 for these services, with payments of $1,200 due at the end of each month. Newry has provided similar services to Westside in the past and has always collected its fees on a timely basis. Requirement Using IFRS and ASPE revenue recognition standards as a guide, determine how Newry Consulting Inc. would recognize revenue from this transaction under both ASPE and IFRS. Westside has always paid Newry on a timely basis, the bill as it comes due each month. IFRS Step 2 . Identify the separate performance obligations in the contract. What is the separate performance obligation in this contract? How many separate performance obligations are in this contract? IFRS Step 3. Determine the transaction price. Transaction price: IFRS Step 4. Allocate the transaction price to the separate performance obligations in the contract. As determined in previous steps, the total transaction price is $14,400 and it should be allocated across the 60 performance obligation hours. Price per hour: IFRS Step 5. Recognize revenue when (or as) the business satisfies each performance obligation. Newry can recognize revenue of each time it provides Westside with of consulting services in 202. ds have been transferred to the customer, or ably measured. provided: ods or services when payment becomes due. able Westside will pay the bill as it comes due e es Westside with of consulting servi terms, and evalu ustomer the terms as follc one hour one month rice when it becor one year ng Ltd. signed a contract with Westside Inc., which obligated vices per month from January through December of 202. Th hese services, with payments of $1,200 due at the end of eac: n the past and has always collected its fees on a timely basis. ition standards as a guide, determine how Newry Consulting I th ASPE and IFRS. trol) and benefits of the goods have been transferred to the custr completes the work at the end of the year. cust is unknown when the services will be completed. performs the consulting services each month. ith the customer, speciry its terms, ana evaluate the prooadity the les due. Westside for 202. Identify the terms as follows: de in 202? ner will pay the transaction price when it becomes due. rvices per month from January through December of these services, with payments of $1,200 due at the end of each month. Newr in the past and has always collected its fees on a timely basis. gnition standards as a guide, determine how Newry Consulting Inc. would recog both ASPE and IFRS. with the customer, specify its terms, and evaluate the probability the customer will nes due. Westside for 20X2. Identify the terms as follows: ide in 202? omer will pay the transaction price when it becomes due. y on a timely basis, the bill as it comes rate performance obl nance obligation in t hance obligations are transaction price. but it cannot be predicted if Westside will pay so it is probable Westside will not pay so it is probable Westside will pay ansaction price to the separate performance obligations in the contract. On December 1, 20X1, Newry Consulting Ltd. signed a contract with Westside Inc., which obligated Newry to provide Westside with 5 hours of consulting services per month from January through December of 202. The contract requires Westside to pay a total of $14,400 for these services, with payments of $1,200 due at the end of each month. Newry has provided similar services to Westside in the past and has always collected its fees on a timely basis. Requirement Using IFRS and ASPE revenue recognition standards as a guide, determine how Newry Consulting Inc. would recognize revenue from this transaction under both ASPE and IFRS. ASPE Step 1. The ownership (or control) and benefits of the goods have been transferred to the customer, or the services have been provided to the customer. Newry satisfy this criteria as it ASPE Step 2. The amount of revenue to be received can be reliably measured. Amount Newry will receive for each hour of consulting services provided: ASPE Step 3. It is probable that the customer will pay for the goods or services when payment becomes due. Westside has always paid Newry on a timely basis, so it is probable Westside will pay the bill as it comes due each month. Newry can recognize revenue of each time it provides Westside with of consulting services. IFRS Step 1. Identify the contract with the customer, specify its terms, and evaluate the probability the customer will pay the transaction price when it becomes due. The contract is between Newry and Westside for 202. Identify the terms as follows: What will Newry provide Westside in 202? Total price of the contract: Evaluate the probability the customer will pay the transaction price when it becomes due. as a guide, determine how Newry Consulting Inc. would recognize the bill as it comes due ligations in the contract. this contract? re in this contract? e separate performance obligatic action price is $14,400 and it sho one hour the 60 one month the business satisfies each perfor one year ach time it provides Westside with of consulting services in Requirement Using IFRS and ASPE revenue recognition revenue from this transaction under both AS ASPE Step 1. The ownership (or control) an have been provided to the customer. Newry satisfy this criteria as it ASPE: tof revenue to be Amoun for each hour of ASPE: will Westsic will not e that the custome Newry can recognize revenue of IFRS Step 1. Identify the contract with the cu: the transaction price when it becomes due. The contract is between Newry and Westside What will Newry provide Westside in 20X2 Total price of the contract: Evaluate the probability the customer will pay