For each of the following independent items, indicate when revenue should be recognized. 1. Sale of a two-year parking permit by a parking garage, with one-half the sale price received at the time of the sale, and the remainder to be received in equal monthly payments over the period of the permit. 2. A fixed-price contract with the government to design and build a prototype of a space arm; the costs to complete the project cannot be reliably estimated. The government owns the arm throughout the contract. 3. A silver-mining company produces one million ounces of silver but stores the silver in a vault and waits for silver prices to increase