Lanny Financial offers credit cards to college students at a variable rate on outstanding balances. The company also charges an annual fee for using the line of credit.

Which section of the authoritative literature best defines how and when Lanny should recognize the annual fee revenue?

Enter your response in the answer fields below. Unless specifically requested, your response should not cite implementation guidance. Guidance on correctly structuring your response appears above and below the answer fields.

Type the topic here.Correctly formatted FASB ASC topics are 3 digits.

FASB ASC FASB ASC

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Some examples of correctly formatted FASB ASC responses are 205-10-05-1, 323-740-S25-1, 260-10-60-1A, 715-30-35-95, 820-10-35-16BB, 810-10-55-205AE, 815-10-50-4EEE, and 815-10-50-4EEEE