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Time Left:0:23:18 Rebecca Cat. Au Question 11 (4 points) On May 1, 2020, Healthy Salmon Limited (HSL) entered into a contract with Cermaq Canada to supply a new Recirculating Aquaculture system (RAS) for Cermaq's new land based fish farm on Northern Vancouver Island. This system will allow Cermaq to raise farmed salmon in a controlled environment, reducing the time it takes to grow the salmon to market size. The contract also stipulates that HSL will also provide system installation and setup. Details of the contract are as follows: The total price of the contract - $2,300,000 HSL is to provide the RAS system hardware and installation and setup HSL normally sells the RAS system hardware for $2,000,000 HSL normally charges $500,000 for installation and setup of the system The contract requires HSL to deliver the RAS system by June 15, 2020 and complete the installation and setup by July 15, 2020. Cermaq Canada agreed to pay the full contract price on June 30, 2020. HSL delivered the RAS system on June 13, 2020 and completed the installation and setup on July 12, 2020. Cermaq Canada made the required payment on June 30, 2020. Required: Using the five-step model for revenue recognition, determine the amount of revenue HSL would be able to recognize for the month of July 2020. Show your calculations and provide a brief explanation for your answer. No journal entries are required. (4 marks- 13 minutes)