Part 1 (6 marks) For each of the following independent cases worth two marks each, identify i) the specific date revenue should be recognized and, ii) how much revenue should be recognized on that date. a) On December 31, 2020, Beta Corporation agreed to sell a piece of machinery to a customer for $150,000. The equipment would be delivered on February 1st, 2021. The customer paid Beta $75,000 on December 31, 2020 and will pay the remaining $75,000 on December 31, 2021. The customer will also pay 3% of interest on the $75,000. b) A magazine sells a two-year subscription for $1,200. The customer pays $200 on the first day and the remaining $1,000 is paid monthly over the life of the membership I c) The October 25th, 2020 sale of a product for $60,000 (cost of goods valued at $50,000) to a retailer who has the right to return until January 31, 2021. The product was delivered October 25, 2020. This is a not a new product and the company has been able to accurately estimate returns at 5%