Presented below are four revenue recognition situations. Indicate the transaction price for each of these transactions and when revenue will be recognized.

Skysong sells goods to MTN for $1,210,000, payment due at delivery.

Skysong would recognize revenue of $enter a dollar amount at select an option date of contractdelivery.

eTextbook and Media

Skysong sells goods on account to Sheridan for $710,000, payment due in 30 days. The terms are f.o.b. destination.

Skysong would recognize revenue of $enter a dollar amount at select an option destinationdate of contract.

eTextbook and Media

Skysong sells goods to Concord for $520,000, payment due in two instalments: the first instalment payable in 18 months, and the second payment due 6 months later. The present value of the future payments is $425,000.

Skysong would recognize revenue of $enter a dollar amount at select an option deliverythe point of sale.

select a type of revenue InterestServiceSales revenue of $enter a dollar amount will be earned over the next select a number of years 32 years using the effective interest method.

eTextbook and Media

Skysong sells merchandise with a retail price of $40,000 in exchange for common shares of its customer. The customer is a private company and issuance of common shares is rare.

Skysong would record the sales revenue of $