The Conceptual Framework defines revenues and outlines a number of criteria for their recognition. Surfin’ Magazines Ltd identifies the following independent transactions and events:

(a) Received $24 000 in subscriptions for magazines to be delivered once per month for the next 12 months.

(b) Received dividends from IAG for shares owned by the business. 

(c) Paid interest on a loan to purchase a delivery vehicle.

(d) Received a discount for early payment of a supplier’s invoice.

(e) Delivered magazines for the month for customers who had paid in advance.

(f) Delivered magazines and invoices to customers who had not prepaid their subscriptions.

Required

For each of the items listed above, explain whether you would recognise it as revenue in the statement of profit or loss. Refer to the definition and recognition criteria outlined in the Conceptual Framework to support your answer.