The following transactions occurred during 2020: 1. A car is purchase for $35,000 and delivered to the customer in August. The customer has a 5 year loan in which $800 per month gets paid. Ignore interest considerations. 2. Goods are sold FOB shipping point. An item with a retail value of $5,000 is loaded onto the truck on April 30, but not unloaded until May 2 because the recipient delayed paying the freight bill until then. The vendor prepares and mails the invoice to the customer on May 8. 3. A home theatre system and related installation parts are delivered to the customer's premises on July 31. Installation is completed by August 31, after which the system is ready for use. The vendor provides monthly support and upgrades for 4 months following the month of installation (through December). The value of the system is $20,000, the value of the installation services is $4,000 and the value of the monthly support totals $2,400. 4. Goods are sold FOB destination. An order with an invoice total of 500 is loaded onto the truck August 31 and delivered on September 1. 5. A customer prepays for 10 hair cuts for a total of $400. During February, two hair cuts are completed for this customer. Instructions Identify in which month revenue should be recognized in each situation. If revenue should be recognized in more than one month, calculate the amounts that apply to each relevant month. 7 A-> 2 *m 3 S W M B 6 G Search or type URL 5 6 7 N E R T Y D 0 C A 80 9 0 O EL F G H J K A V B N M V- L F