Presented below are three revenue recognition situations. (a) (b) (c) Groupo sells goods to MTN for $961,000, payment due at delivery. Groupo sells goods on account to Grifols for $827,000, payment due in 30 days. Groupo sells goods to Magnus for $455,000, payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $418,500. Indicate the transaction price for each of these situations and when revenue will be recognized. (a) (b) (c) Transaction Price $ $ $ Revenue will be recognized On March 1, 2017, Concord Company sold goods to Goosen Inc. for $648,000 in exchange for a 5-year, zero-interest-bearing note in the face amount of $952, 125 (an inputed rate of 8%). The goods have an inventory cost on Concord's books of $385,000. (a) Prepare the journal entries for Concord on March 1, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit Mar. 1, 2017 Date (To record sales) (To record cost of goods sold) (b) Prepare the journal entries for Concord on December 31, 2017. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31, 2017