Part 1 ( 6 marks) For each of the following independent cases, identify what point revenue should be recognized and how much revenue should be recognized. a) On December 31, 2022, Velo Inc sold equipment to a customer for $1,000,000. Delivery of the equipment took place on that date. Payments are to be made as follows: $600,000 on December 31,2022 and $400,000 due on December 31 , 2024. Velo has estimated that the interest rate required tor the customer is 8%. b) A gym sells a two-year membership for $1,200. The customer pays $600 on the first day and the remaining $600 is paid monthly over the life of the membership. c) The February 5th,2022 sale of a new product for $80,000 (valued at $60,000 ) to a retailer who has the right to retum until March 31,2022 . The product was delivered February 6 th. This is/a new product and the company cannot reasonably estimate the returns