IFRS 15 Revenue, Venue

Q : On 1 July 20X6, Venue entered into a contract with Reven for the sale of plant for $500k. The contract included a call option that gave Venue the right to repurchase the plant for $550k, on or before 30 June 20X7.
Discuss how the above transaction would be treated in subsequent financial statements of Venue for the year ended 31 July 20X7.

A: I got the part when Venue exercises the option later on and Reven actually doesn’t have control over the asset. So the AJE will be :
DR Bank…………………….$500k
DR Interest cost…………..$50k
CR Liability…………………$550k

and later when the plant is repurchased :
DR Liability………………….$550k
CR Bank…………………….$550k

the second case is if Venue does not exercise its option, and the bpp answersheet states that the asset is derecognised and the $550k including the interest cost goes to the revenue. This is the part that really messes up my mind. I can’t imagine the AJEs at the year end. Could you please clarify and explain what happens if Venue doesn’t exercise the option and please provide the AJEs.

Thank you!