Question 6 (5 marks) For each of the following independent items, indicate when revenue should be recognized. a) Recognition of revenue from the cash sale of baseball tickets, where the baseball game will occur in the next fiscal period. b) Goods are sold and delivered to a customer on account in May. The customer pays in full in July. c) On October 1st, the consulting firm of Wolf and Fox received $30,000 from a client. The payment was for consulting services to be provided monthly from October of the current year to June of the following year. d) The January 1st sale and delivery of a new product to retailers who have the right to return unsold products until July 31st of the current year. This is a new product and the company cannot reasonably estimate the returns. Page 6