Identifying Customer Control and Recording Advance Payment Allstar Inc. sells uniforms and spirit clothing to local school teams. Allen High School placed an order for 20 items for a total selling price of $880 on September 14, 2020. The cost of the merchandise to Allstar Inc. is $446. To place the order, Allstar Inc. required a $200 down payment on September 14, 2020. Delivery of the order to Allen is completed on October 7, 2020, at which time the remaining balance was collected from Allen. d. Demonstrate the five steps of the revenue recognition process for this scenario. Description of revenue recognition step Application of the revenue recognition step Step . Step 2 . Step 3 Calculation of transaction price: 0 Step 4 Step 5 $ e b. Record Allstar's entry on September 14, 2020. Account Name Dr. Cr. 0 0 0 c. Record Allstar's entries on October 7, 2020. Account Name Dr. Cash Cr. 0 0 0 0 0 Sales Revenue To record the sale of product. 0 0 0 0 To record the cost of sale of product. Please answer all parts of the question. Allocate the transaction price to the performance obligation(s). Allocation of transaction price (from Step 3) to the performance obligation Determine the transaction price. Estimate a standalone selling price. Identify contract modifications. Identify the contract assets and liabilities. Identify the contract. Identify the performance obligation(s). One performance obligation to provide merchandise to customer. Recognize revenue as cash is received from customer. Recognize revenue when the performance obligation is satisfied. Retailer recognizes revenue when down payment is made. Retailer cognizes revenue when merchandise is delivered to customer. Retailer will provide merchandise to customer in exchange for cash. Two obligations: to provide a pair of shoes and deliver the shoes. N/A