Identify and explain when each of the following companies fulfills the performance obligations implicit in the sales contract.

a. The GAP: The GAP is a retailer of clothing items for all ages.

b. Merck & Company: Merck engages in developing, manufacturing, and marketing pharmaceutical products. It sells its drugs to retailers such as CVS and Walgreen.

c. Deere & Company: Deere manufactures heavy equipment. It sells equipment to a network of independent distributors, who in turn sell the equipment to customers. Deere provides financing and insurance services both to distributors and customers.

d. Bank of America: Bank of America is a banking institution. It lends money to individuals and corporations and invests excess funds in marketable securities.

e. Johnson Controls: Johnson Controls manufactures products for the government under long-term contracts.