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(c ) ABC entered into a contract to construct a house for Mr. Zack on 1 April 2014. The contract price was agreed at RM5 million. ABC estimated that it would take three years to complete the project and the cost of building the house would be RM4 million. In year 4, ABC completed part of the project and incurred a cost of RM1 million. By the end of year 4, ABC received RM800,000 from Mr. Zack. Required: Identify and explain how much could ABC recognize as revenue in year 4? (5 marks) (d) MNO is a supplier of silver candlesticks. It currently supplies to several retailers, but it has recently contracted to supply only to one company, D'Candle, over the next two years. This contract requires a payment, which is non-refundable from D'Candle to MNO, of RM200,000 on signing an agreement that D'Candle will pay MNO RM30 for each candlestick. The fair value of the candlesticks to retailer is RM30. Although MNO cannot sell candlesticks to anyone but D'Candle, D'Candle can buy from other suppliers. Required: Explain the identifiable elements. How should the revenue, i.e., the lump sum of RM200,000, and each sale be recognized in MNO's accounts? (4 marks)