Sheridan Ltd. operates an online booking service restricted to beachfront properties around the world. Users of the company's website booked beach rentals totalling $8.62 million in 2024 . Bookings are fully paid for at the time of reservation and are 50% refundable if the reservation is cancelled anytime up to 21 days before the reservation date. After that date, the reservations are noncancellable. Under the terms of the company's listing agreements with property owners, Sheridan charges a fee of 14% of the total reservation and electronically transfers the balance of the cash collected directly to the property owner's bank five days before the reservation date. Of the 2024 bookings, 90% had been completed before Sheridan's December 31 year end. The balance was still within the cancellation period. (a1) Determine how much revenue Sheridan would be able to recognize in 2024. Revenue recognized on 2024