For each of the following independent cases worth two marks each, identify i) the specific date revenue should be recognized and, ii) how much revenue should be recognized on that date.

1. On December 31, 2020, Alpha Corporation sold equipment to a customer for $55,000. Delivery of the equipment took place on December 31, 2020. The customer paid $20,000 on delivery December 31,2020 and will pay the remainder of $35,000 plus 2% interest on December 31, 2022.
2. A gym sells a three-year membership for $1,260. The customer pays $360 on the first day and the remaining $900 is paid monthly over the life of the membership.
3. The December 5^th, 2020 sale of a product for $5,000 (cost of goods valued at $3,000) to a retailer who has the right to return until March 31, 2021. The product was delivered December 5, 2020. This is a not a new product and the company has been able to accurately estimate returns at 3%.

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