Exercise 4-1 The following independent situations require professional judgment for determining when to recognize revenue from the transactions Identify when revenue should be recognized in each of the situations. )Southwest Airlines sells you an advance-purchase airline ticket in September for your flight home at Christmas promotional deal. at any time, although the season doesn't officially begin until April. The major league baseball season runs b) Ultimate Electronics sells you a home theater on a "no money down and full payment in three months" t) The Toronto Blue Jays sell season tickets online to games in the Skydome. Fans can purchase the tickets d You borrow money in August from RBC Financial Group. The loan and the interest are repayable in full in )In August, you order a sweater from Sears using its online catalog. The sweater arrives in September, from April through October November which you charged to your Sears credit card. You receive and pay the Sears bill in October. Click if you would like to Show Work for this questions Qeen Show Wor Exercise 4-2 Identify the accounting assumption, principle, or constraint that describes each situation below. Do not use any asumption, principle or constraint more than once ) Is the rationale for why plant assets are not reported at liquidation value. (Do not use the historical cost C principle.) (b) Indicates that personal and business record-keeping should be separately maintained. () Ensures that all relevant financial information is reported. (d) Assumes that the dollar is the "measuring stick" used to report on financial performance. e) Requires that accounting standards be followed for all items of significant size. n) Separates financial information into time periods for reporting purposes. (o) Requires recognition of expenses in the same period as related revenues. (h) Indicates that fair value changes subsequent to purchase are not recorded in the accounts. Click if you would like to Show Werk for this question: Oeen Shew Work