Mixer Up Part IN. Note that Part Ill should be completed before Part IV. Background On January 10, KH sold a mixer i purchased from MU for $80 cash and delivered it to a customer. KH has a 45 day return policy under which a customer can exchange a product for another product of the same type, quality, condition and price. The exchange policy requires that all returned products must be like new. Based on extensive historical experience, KH cadmates that 2it of its products will be exchanged by customers for another product of the same price, condition, quality and type. KH estimates the cost of recovering any products will be insignificant. KH does not record any potential volume discounts undl they are cared. Requirements Record all initial accounting entries for KH for January 10 based on the current qu dance on revenue recognition in ASC 605. Indude references to the guidance to support your proposed accounting. Show any calculations you make to support your journal entries. Prepare a detailed ciplanation of each of the five steps of revenue recognition. Record all inhal accounting entries for RU for January 10 based on the new guidance on revenue recognition in ASC 605. Include references to the guidance to support your proposed accounting. Show any calculadons you make to support your journal entries. What, if anything, Is the difference in revenue recognized for the month of January under ASC 605 and ASC 6057