SMU Mobile sells cell phone packages that include a cell phone and data plans. The most popular device that SMU Mobile is selling now is the xPhone $16.$ A customer who wants to have an xPhone $16$ must sign a two$-$year contract. A customer needs to pay $$355$ when the contract is signed, and pays $$70$ every month for the following $2$ years. The standalone price of an xPhone $16$ is $$880,$ and the standalone price of data plan is $$55$ per month. On January $1,2024,100$ packages are sold, and this is the only transaction in January.

Required:

$1)$ List the five$-$step revenue recognition model under IFRS. $(5$ marks$)$

$2)$ Discuss when SMU Mobile should recognize the revenue from selling one xPhone $16$ and when SMU Mobile should recognize the data plan revenue. You must apply the $5-$step revenue recognition model above to support your argument. $(8$ marks$)$

$3)$ Calculate the revenue that should be recognized in January $2024.(9$ marks$)$