3. Air West Early in 2431?. a local funeral parlor with an odd name, Air West, introduced a new "pre-need'I plan. The plan is offered to individuals; who wish to arrange for their funerals and burials in advance. The plan sells for 515m and may be purchased by paying $1 , down and the balance in thirteen equal installments of 3500 each. Items included in the package and an itemized price breakdown associated with each are listed below: Cemetery lot 52.0% Burial vault and memorial plaque 3.5m Funeral service AMI} Total 5151313 During 2131?. ll} contracts were signed and the down payments received. Required: Fully Discuss when and how revenue should be recognized on this contract. Support your choice with an explanation and indicate the amount that should be recognized in EDI T