The question below for which the letter of your name falls in the range. Use your own words to summarize the information from the textbook or the FASB Codification. Provide proper citations used, including the textbook.

1. Describe the concept of contracts with customers as it relates to the five-step revenue recognition model. Summarize one of the five conditions that signify a contract exists. Provide an example of a contract with a customer by describing the transaction and why a contract exists based on your facts and circumstances.