Brief Description Students will complete the case "Sensations Athletic Club" found on page 156 of the following textbook: Lento, C., & Ryan, J. (2019). Financial Accounting Cases (3rd Canadian ed.). Toronto, Canada: John Wiley & Sons Canada, Limited. Instructions Professional accountants continue to be recognized for their strong technical knowledge. A strong technical background is still a foundational trait for professional accountants in protecting the public interest. Professional accounting bodies across the globe are recognizing the increased importance of higher-order cognitive skills such as critical thinking, problem solving, and analytical ability. Case analysis is an important tool for developing these higher-order skills for financial reporting. Please read "The Case Framework Approach" found on page 6 of your case textbook, as well as the rubric below, to understand the steps for solving this case. Once the case is solved, submit your solution within the respective unit dropbox. Evaluation The overall grading will be out of 100. Below is a breakdown of the grade; note that simply meeting expectations garners an average grade. The rubric will be manually graded by your Professor. Activity/Competencies Demonstrated % of Final Grade Identification and Analysis of Issues /80 Issue 1: Revenue Recognition of the Initial Fee