State the amount of revenue that should be recognised by Whitehall Ltd in the year ended 31 December 2020 for each item below, justifying your answer by reference to the revenue definition and recognition criteria in IAS 18/AASB 118. Prepare any journal entries where necessary:

(a) Whitehall Ltd’s net credit sales for 2020 were $400 000, 75% of which were collected in 2020. Past experience indicates that about 96% of all credit sales are eventually collected.

(b) Whitehall Ltd received $100 000 cash from a customer in December 2020 as payment for special‐purpose machinery which is to be manufactured and shipped to the customer in February 2021.

(c) Whitehall Ltd started renting out its excess warehouse space on 1 October 2020, on which date it received $12 000 cash from the tenant for 6 months rent in advance. Ignore GST.

(d) Whitehall Ltd received 10 000 shares in Mitcham Ltd, as a gift from a grateful client, on 20 December 2020, on which date the shares were trading at $4.50 per share.

(e) Whitehall Ltd received an item of equipment as settlement for goods sold on credit for $3000. On the date of the sale, the equipment had a fair value of $3200 and a carrying amount in the customer’s records of $2200. Prepare the journal entry to record the receipt of the equipment. Ignore GST.