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ACCTG 326, Intermediate Accounting Revenue Recognition, In-class Exercise 10 points Required: When is revenue recognized? Prepare all journal entries. Ignore sales and other taxes. 1) 12/15/18: Apple sells an MacAir for $1,250. Apple offers a 90-day warranty. warranty expense experience is 2% of sales price. Apple experiences a return rate of 4%. Gross profit for each MacAi,is 50%. Customer pays with cash. 1) 12/1/18: Family Fitness sells one-year membership for $300 plus one- time member ship fee of $60; customer pays in full with check (include all December 2018 transactions) 2) 7/16/18: Zappos sells a pair of shoes on-line for $40. To stimulate sales volume, Zappos includes a "50% off your next purchase" coupon. Half of coupons are expected to be redeemed at an estimated discount of $20. 3) 10/1/18: Sue's Fashion, Inc. gives 100 dresses to Nordstrom. Nordstrom pays Sue $50 when dresses are sold. Between 10/1/18 and 10/31/18 Nordstrom sells 70 dresses. On 10/31/18 all unsold dresses are returned to Sue. Sue's cost per dress is $20. Sue's revenue and inventory accounting for October: 4) 8/1/18: Bulldozer Land Co. sells 1,000 acres of undeveloped land to Green Development Co. Green signs a note to pay Bulldozer $10,000,000 in 5 years. Market interest rate for Bulldozer is 4% interest. Entries on 8/1/18 and at 12/31/18