Advance accounting

XXII - Transaction Price Presented below are three revenue recognition situations. a) Grey sells good to Mac for P2,000,000, payment due at delivery. b) Grey sells good on account of Green for P1,600,000, payment due in 30 days. c) Grey sells goods to Mark for P.1,000,000, payments due in two installments: the first installment payable in 18 months and the second payment due in 6 months later. The present value of the future payments is P928,000. Required: Indicate the transaction price for each of these transactions and when revenue will be recognized