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Identifying the Five Steps of Revenue Recognition Match each of the following items a through e to each of the steps 1 through 5 in the revenue recognition process Step a. The price for preparing a federal tax return is $200 and a state tax return is $100 if contracted separately. b. Tax Prep Inc. will prepare the year-end federal tax return and state tax return for CustomerJ. c. The total price for the year-end tax preparation is $300. d. Customer Jenters into an agreement with Tax Prep Inc. for Tax Prep Inc. to prepare Customer j's federal and state tax returns. e. The federal and state tax returns are completed and approved by Customer). > > Identifying Contract Validity For each item a through h, indicate whether the item is (1) required for a valid contract, or (2) not required for a valid contract. a. Valid business purpose e.99% probability of collection b. Written agreement f. Identifiable rights and obligations c. Identifiable payment terms gFixed contract price d. Cash consideration only h. Contract length exceeding one year