Brief Exercise 18-08 Presented below are three revenue recognition situations. (a) (b) (c) Groupo sells goods to MTN for $1,000,000, payment due at delivery. Groupo sells goods on account to Grifols for $800,000, payment due in 30 days. Groupo sells goods to Magnus for $500,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $464,000. Indicate the transaction price for each of these situations and when revenue will be recognized. (a) (b) (c) Transaction Price Revenue will be recognized Click if you would like to Show Work for this question: Open Show Work At the point of sale At the time of payment