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Albert's Three Removalists signed a contract on 1 June 2021 with a customer to provide both removal and storage services for a fixed price of $90,000. The contract provides for Albert's removalists to relocate 80% of the customer's office contents over the course of two days on 1 and 2 July 2021. The remaining 20% of the customer's contents will be stored by Albert Removalists for a period of three years. The customer will pay the total amount on 1 July 2021. The standalone prices of the services if provided separately are: removal service $60,000; storage service $40,000. Ignore the time value of money.
Required
Question 1) Discuss (no entries required) how this contract should be accounting for by Albert's Removalists under AASB 15.
Question 2) Provide journal entries (if any) required on: 1 June 2021; 1 July 2021 and 30 June 2022. If you record no entry on these dates explain why.
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