WizKidz Tech Group has been contracted by the government to build a brand new application (software program) to facilitate the booking, reservation, and payment of fees for camp sites in the province. The old system was very manual and needed to be completely replaced. A contract was signed on July 1, 2023 by WizKidz and the Minister responsible for technology in the government. As per the agreement, WizKidz is charging the government $10,000,000 to build the program (to be completed within 1 year), host the application on its servers and provide the associated storage, and service the system over the next four years. The service portion of the contract promises 75 hours of technical support per year over the next five years. The average cost of a technical support staff is $55perhr. It is also expected that the server/storage costs are $65.10 per TB each year and that the government will need about 1500 TB of storage. WizKidz uses IFRS to prepare its annual financial statements. Instructions a) Use the above to illustrate the 5 steps of the revenue recognition process. b) If WizKidz reports its financial results on a quarterly basis, what revenue recognition method would be most appropriate related to the transaction price allocated for the software program