A customer is interested in buying a pair of dress slacks from Topshop's, an online retailer, on April 1, 2020, for $224. The customer took advantage of a special offer, allowing for a purchase of a second pair of slacks at half price. The customer purchased and paid for both items with a credit card for a total of $336. Shipping was paid by Topshop's (FOB destination) and Description of revenue recognition step Step 1 Identify the contract Step 2 Identify Performance Obligations Step 3 Detrmine Transaction Price Step 4 Allocate Transaction Price to performance Obligation Step 5 Recognize Revenue when seller satisfies peromance obligation