Question 21 Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $911,000, payment due at delivery. (b) Groupo sells goods on account to Grifols for $834,000, payment due in 30 days. (c) Groupo sells goods to Magnus for $532,000, 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 $493,400. Indicate the transaction price for each of these situations and when revenue will be recognized. (a) (b) (c) Transaction Price Revenue will be recognized