*read each question carefully as given the pooled nature of the exam, subtle changes exist in similar appearing fact patterns* a On December 22, 20X1, Buyer Company placed an order to purchase merchandise with payment terms of 3/10, n/30. The goods were listed by Seller in the company's catalog at a selling price of $22,000. The goods were originally carried on Seller's balance sheet at a historical cost of $8,000. Buyer obtained a 5% trade discount. Seller shipped the goods to Buyer on December 28th with shipping terms of FOB Destination and $1,100 of prepaid freight. The goods arrived at Buyer's facility on January 3, 20X2. Buyer returned $4,000* of goods on this same day and paid the balance due to Seller on January 4, 20X2. *returned units had an original cost to Seller of $1,600. On what date will the seller recognize the revenue for this transaction? It depends on when the cash payment from the buyer clears the seller's bank account. O January 4, 20X2 O December 22, 20X1 January 3, 20X2 O December 28, 20X1