QUESTION $4$ Contract with significant financing component

A company sells good to a customer for $12,500$ on $1$ January $20$X$4.$ The contract stipulates that the customer will pay $2,500$ when the goods are delivered $($and the customer obtains control of them$)$ and will then pay a further $10,000$ three years after delivery. Assuming the delivery date is also $1$ January $20$X$4$ and the effective interest rate is $8\%$ per annum.

Required:

Calculate the amount of revenue $($round to two decimal places$)$ which should be recognized on $1$

January $20$X$4.$