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(10 marks, 12 minutes) On February 1, 2020, MacMillian Inc entered into a contract with...

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(10 marks, 12 minutes) On February 1, 2020, MacMillian Inc entered into a contract with Learning Gee to supply 25 security cameras at their daycare facility. Details of the contract are as follows: . The contract price is $50,000 and includes the supply and complete installation of the monitors. Individual cameras of this quality normally sell for $2.100 The cameras cost $1.400 each to build LearningGee was quoted an installation price of $125 per camera by an independent installation company, The cameras were delivered on March 15, 2020 and 50% of the camera's were installed that same day, The remaining camera's were installed on April 15, 2020. Learning Gee made the contract payment on April 18, 2020. Required: Prepare an analysis of the revenue recognition for using the IFRS 15, 5 Step model (10 marks) Formatting Note: You can either write it out using headings, or by inserting a chart (see below). Step 1 - Identify performance obligations Point 1 Point 2 Step 2 - Etc. point 1 Step 1 - Identify performance obligations point 2 Step 2 Step 3 Step 4 Step 5

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