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Question 5 (Allocation and entries) Telecom operator, ABC Corp. entered into a contract with Johnny...

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Accounting

Question 5 (Allocation and entries) Telecom operator, ABC Corp. entered into a contract with Johnny on 1 July 20X1. In line with the contract, Johnny subscribes for ABC's monthly plan for 12 months and in return, Johnny receives free handset from ABC Corp. Johnny will pay a monthly fee of CU 100. Johnny gets the handset immediately after contract signature. ABC sells the same handsets for CU 300 and the same monthly plans for CU 80/month without handset. How should ABC recognize revenues from the contract with Johnny in 20X1 under IFRS 15?

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