Brief Exercise 18-08 Presented below are three revenue recognition situations. (a) (b) (c) Groupo sells goods to MTN for $970,000, payment due at delivery. Groupo sells goods on account to Grifols for $729,000, payment due in 30 days. Groupo sells goods to Magnus for $543,000, 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 $510,200. Indicate the transaction price for each of these situations and when revenue will be recognized. (a) (b) (c) Transaction Price Revenue will be recognized