Using the first letter of your last name, answer 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. A E: 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.
2. F J: Discuss how a company determines if the contract has a single performance obligation or multiple performance obligations. Provide an example of a contract with a single performance obligation and explain why there is only one obligation. Provide an example of a contract with multiple performance obligations and explain why there are two or more obligations based on the facts and circumstances.
3. K P: Summarize the transaction price definition. Provide two examples of issues that a company may encounter when trying to establish a transaction price. Justify your reasoning by providing an example of the transaction price determination.
4. Q U: Describe the process by which a company allocates the transaction price. Provide an example of how a company would allocate the transaction price using one of the approaches (adjusted market, cost-plus, or residual).
5. V Z: Discuss when revenue is recognized. Summarize one of the five additional control indicators and how that indicator dictates the obligation has been satisfied. Provide an example of a contract with a customer and describe when and how revenue is recognized.

Please answer only No. 5