The Fastbank Motorcycle Service Company wins a $10 million bid to provide the repair services for a recall on a popular brand of motorcycles. No money is exchanged. The repair services are expected to be performed early next year. Which of the steps of the five-step model for revenue recognition is not yet complete?

• Determine the transaction price.

• Identify the sellers performance obligation(s).

• Identify the contract.

• Recognize revenue when (or as) each performance obligation is satisfied.