Exercise 1-8 (Algo) Applying measurement principle and revenue recognition principle LO C2 Byrde Company purchased a truck. The seller asked for $11,400, but Byrde paid only $10,400 after negotiation. The owner of Byrde Company believes he got a great deal and the truck is really worth $15,400. What amount does Byrde record on its financial statements for the truck? Snell Company performs and completes services for a client in May and bills the client $1,400. In June, the client makes a partial payment of $500 cash for the services. In July, the remaining $900 cash is paid. Determine the monthly revenue recorded in May, June, and July for this service