Revenues are normally recognized when the delivery of goods or services has occurred, there is persuasive evidence of an arrangement for customer payment, the price is fixed or determinable, and collection is reasonably assured. The amount recorded is the cash-equivalent sales price. The following transactions occurred in October, Year 1: A popular off road magazine company receives a total of $23,960 today from subscribers. The subscriptions begin in the next fiscal year. Answer from the magazine company's standpoint] On October 1, Year 1, a bank lends $2,400 to a company; the note principal and $288 ($2,400 12 percent) annual interest are due in one year. Answer from the bank's standpoint. Acura, Inc. sells a truck with a list, or "sticker", price of $40,100 for $36,100 cash. Belk's department store orders 1,000 men's shirts for $30 each for future delivery from Ralph Lauren Corporation. The terms require payment in full within 30 days of delivery. Answer from Ralph Lauren's standpoint. Ralph Lauren Corporation completes production of the shirts described in (d) and delivers the order. Answer from Ralph Lauren's standpoint. Ralph Lauren Corporation receives payment from Belk's for the events described in (d) and (e). Answer from Ralph Lauren's standpoint. A customer purchases a ticket from Northwest for $1,220 cash to travel the following January. Answer from Northwest's standpoint