Example 1-Goods You own Sport Chek. A customer walks into Sport Chek and buys a hockey stick for $500. When should revenue be recognized? 1) Identify the contract with the customer 2) Identify the separate performance obligations in the contract 3) Determine the transaction price 4) Allocate the transaction price to the separate performance obligations in the contract 5) Recognize revenue when (or as) the entity satisfies each performance obligation RECEIVE