Question: ABC Company is a manufacturing firm that produces electronic gadgets. The company experienced significant growth in the past fiscal year and is now preparing its financial statements for the year ended December 31, 20XX. As the newly appointed senior accountant, you are tasked with analyzing the financial data and preparing the necessary financial reports in compliance with the Generally Accepted Accounting Principles (GAAP). (a) Subpart: Revenue Recognition i. Describe the revenue recognition policies that ABC Company should adhere to in accordance with the GAAP. Explain the criteria that must be met for the company to recognize revenue from the sales of electronic gadgets. Discuss any specific challenges or complexities that might arise in revenue recognition for a manufacturing company like ABC, especially considering the changing landscape of technology and customer demands