On December 1, BakeWare Inc. initiates a written contract with a customer to repair a phone for $50 with payment due upon completion of the repair. Bakeware Inc. completes the repair on December 15, at which time the customer picks up the phone and pays $50 to BakeWare Inc. using a debit card. Use this transaction to demonstrate the five steps of the revenue recognition process. Match each statement below to one of the five steps of the revenue recognition process. Transaction price of the repair service is $50. A written contract requires BakeWare Inc. to provide repair on a cellular phone for $50. $50 is allocated to one performance obligation, the seller's obligation to repair a cellular phone. The contract is satisfied at the time Bakeware Inc. returns the repaired cellular phone to the customer and collects cash of $50. There is one performance obligation or promise: BakeWare Inc. will provide repair to a customer's cellular phone.