Identify and explain when each of the following companies should recognize revenue.

a. The GAP Inc.: The GAP is a retailer of clothing items for all ages.

b. Merck & Company Inc.: Merck engages in the development. manufacturing. and marketing of pharmaceutical products. It sells its drugs to retailers like CVS Health Corporation and Walgreens Boots Alliance, Inc.

c. Deere & Company: Deere manufactures heavy equipment. It sells equipment to a network of independent distributors. who in tum sell the equipment to customers. Deere provides financing and insurance services both to distributors and customers.

d. Bank of America Corporation: Bank of America is a banking institution. It lends money to individuals and corporations and invests excess funds in marketable securities.

e. Johnson Controls Inc.: Johnson Controls manufactures products for the U.S. government under long-term contracts.