Problem 5-1A Calculate the amount of revenue to recognize (LO5-1)

Assume the following scenarios. Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $11,000 on account. The customer does not pay for those services until 2022. Scenario 2: On January 1, 2021, Golds Gym sells a one-year membership for $1,200 cash. Normally, this type of membership would cost $1,600, but the company is offering a 25% New Years Resolution discount. Scenario 3: During 2021, The Manitowoc Company provides shipbuilding services to the U.S. Navy for $450,000. The U.S. Navy will pay $150,000 at the end of each year for the next three years, beginning in 2021. Scenario 4: During 2021, Goodyear sells tires to customers on account for $35,000. By the end of the year, collections total $30,000. At the end of 2022, it becomes apparent that the remaining $5,000 will never be collected from customers.