QUESTION 1 [30] Please answer questions 1 to 7 below in terms of IFRS 15. 1. What is the definition of a contract asset? (3) 2. What is the definition of a receivable? (2) 3. When is an entity's right to consideration unconditional? (2) 4. What is a contract liability? (3) 5. What is the 5-step process to recognise revenue? (5) 6. What criteria needs to be met for a contract to exist? (5) 7. Gen Z Limited signed a contract on the 28th of February 2020, with Wahoo Limited (the customer), to install a generator at their new offices in New Germany, the terms of which included the following: Gen Z Limited agreed to supply and install the generator before the 30th of June 2020 Wahoo Limited agreed to pay R150 000, in advance on the 31st of March 2020. Gen Z Limited installed the generator on the 17th of June 2020 on which date, the customer obtained control. Wahoo Limited paid the promised consideration on the 31st of May 2020. REQUIRED: Prepare the journal entries in Gen 2 Limited if: (10) a) Contract is non-cancellable b) Contract is cancellable in the event of non-performance