4. Revenue Recognition [23 points] Ping Company sells a smartphone, internet service, and service plans for the smartphone. It offers each of these as separate items for purchase or together as a bundle with the following terms: The bundle sells for $700, which includes the smartphone, internet and service plan during a 2- year contract period. On a stand-alone basis, the prices are: smartphone $380; internet for 2 year period $270; service plan for 2 year period $160. Whether a customer buys the items on a stand-alone basis or as a bundle, customer pays the full price up front at the time of purchase. Company's cost of the smartphone is $250. On March 1, 2020, Company sells 100 units under the bundle contract and receives $70,000 in cash. 4.1: Apply the Revenue Recognition 5 step process of ASC 606 to the contract. For each step, identify the step then explain your analysis of the contract and your conclusion as to how that step is satisfied for revenue recognition. " Step 1 (hint: include each of the 5 criteria necessary for Step 1) Step 2 (hint: include whether items in Step 2 are interdependent and why/why not) Step 3 (hint: show computations)] Step 4 (hint: show computations) Step 5 (hint: include description of when Step 5 will occur for each item) 4.2: What is the journal entry that the Company will record on March 1, 2020?