Question 16: According to the new revenue recognition standard (FASB ASC Topic 606), what are the five steps used to apply the core revenue recognition principle? For each of the five steps, choose the item that best describes the step. You will use five out of the ten items, and you will not use an item more than once. Step 1 Step 2 [Choose) Allocate all revenue to the performance obligation with the largest stand-alone selling price Identify the performance obligations in the contract Allocate the transaction price to each performance obligation Determine the transaction price Determine whether bad debts can be reasonably estimated Identify the contract with a customer Recognize revenue when all the performance obligations have been satisfied Estimate variable consideration Recognize revenue when (or as) each performance obligation is satisfied Estimate the total transaction price of the contract based on fair value Choose Step 3 Step 4 Step 5 [Choose