Significant financing component – IFRS15

Dear Sir, could you please explain how to record the significant financing component for this example:

On 31 December 20X7, Lansdale sold Product X to a customer for $12,100 payable 24 months after delivery.

The customer obtained control of the product at contract inception.
However, the contract permits the customer to return the product within 90 days.
The product is new and the Company has no relevant historical evidence of product returns or other available market evidence.

The cash selling price of Product X is $10,000, which represents the amount that the customer would pay upon the delivery of
the same product sold under otherwise identical terms and conditions as at contract inception. The cost of the product to the Company is $8000.

The answer states that the contract also includes a <b>significant financing component</b> since there is a difference between the amount of the promised consideration of $12,100 and the cash selling price of $10,000 at the the date of goods transferred.

So I understand the corresponding accounting entries would be:

Dr. Receivable: 1,100
Cr. Contract liabilities 1,100

Dr. Interest: 1,100 * 6% (assumed the interest rate is 6%)
Cr. Contract liabilities: 1,100*6%

.for 21 months
At the end of 21 months, we transfer contract liabilities to record revenue?
Dr. Cash: 1,100
Cr. Receivable:1,100
Dr. Revenue: 1,100
Cr. Contract Liabilities: 1,100
Do I understand correctly?