Revenue recognition. JCPenney uses the accrual basis of accounting and recognizes revenue at the time it sells goods. Indicate the amount of revenue the firm recognizes during the month of May in each of the following transactions. The firm does the following:

a. Collects $2,450,000 cash from customers during May for merchandise sold and delivered in April.

b. Sells merchandise during May for $16,940,000 cash.

c. Sells merchandise to customers during May on account, for which the firm will collect $2,925,000 cash from customers in June.

d. Collects $18,000 cash from customers during May as a down payment for merchandise the firm will sell and deliver in June.

e. Rents a store building to a toy shop for $8,000 a month, effective May 1. JCPenney receives a check for $16,000 for two months' rent on May 1.

f. Same as part

e, except that it receives the check from the tenant in June.