1 pts The second step in the process for revenue recognition is to O identify the contract with customers. O allocate t O determine the tr O identify the separate performance obligations in the contract n price. D Question 15 1 pts On July 31, O'Malley Company contracted to have two products built by Taylor Manufacturing for a total of $370,000. The contract specifies that payment will only occur after both products have been transferred to O'Malley Company. Taylor determines that the standalone prices are $200,000 for Product 1 and $170,000 for Product 2 On August 1, when Product 1 has been transferred, Taylors journal entry to record this event includes a O debit to Contract Assets for $170,0oo. O debit to Accounts Receivable for $170.000 O debit to Accounts Receivable for $200.000. O debit to Contract Assets for $200,000