Which of the following are steps to recognize revenue under ASC 606 - the new Joint FASB/IASB Standard?

1. Identify the contract(s) with a customer.
2. Identify the performance obligations in the contract.
3. Determine the transaction price.
4. Allocate the transaction price to the performance obligations in the contract.
5. Recognize revenue when (or as) the entity satisfies a performance obligation.

1. 1, 2 and 3.
2. 1, 2, 3 and 4.
3. 1, 2, 3 4 and 5.
4. 1, 3 and 5.