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Starbucks Corporation reported total revenue of $30 billion for the fiscal year 2023. The revenue includes sales from various sources such as beverages, food items,
Starbucks Corporation reported total revenue of $30 billion for the fiscal year 2023. The revenue includes sales from various sources such as beverages, food items, and merchandise. Discuss when Starbucks should recognize this revenue according to the revenue recognition principle. Provide detailed examples of transactions and their impact on revenue recognition, considering factors like gift card sales, loyalty program redemptions, and franchise royalties.
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