Tulane Tires wrote a contract for a $100,000 sale of tires to the new Garden District Tour Company. Tulane only anticipates a slightly greater than 50 percent chance that Garden will be able to pay the amounts that Tulane is entitled to receive under the contract. Upon delivery of the tires, assuming no payment has yet been made by Garden, how much revenue should Tulane recognize under U.S. GAAP? Aria Perfume, Incorporated, sold 3,210 boxes of white musk soap during January of 2024 at the price of $90 per box. The company offers a full refund to unsatisfied customers for any product returned within 30 days from the date of purchase. Based on historical experience, Aria expects that 3% of sales will be returned. How many performance obligations are there in each sale of a box of soap? How much revenue, sales returns, and net revenue should Aria recognize in January? Answer is complete but not entirely correct. Number of performance obligations in the contract January revenue 3,210 $ 289,000 January sales returns January net revenue $ 8,670 $ 280,330 (