4. Windjammer Corporation, a cash-basis, calendar-year corporation sold $30,000 of merchandise to Jackpot Company in January, year one. In November, Jackpot declared bankruptcy without paying Windjammer. In year four, Jackpot had reorganized under a new owner and paid all of its old debts, including the $30,000 owed Windjammer. How does Windjammer treat these events? (Points : 5) 1. Recognize $30,000 revenue in year one only. 2. Recognize $30,000 revenue in year four only. 3. Deduct $30,000 as a bad debt in year one. 4. Deduct $30,000 as a bad debt in year one; recognize $30,000 income in year four