Which of the following statement(s) is TRUE? 1. P&G sells goods on account to a client for $800,000, payment due in 30 days. P&G should recognize revenue when the client pays $800,000 in cash. II. Orange, Inc. sells goods to a customer for a zero-interest note receivable with face value of $500,000, due in two years. The present value of the note receivable is $464,000. Orange, Inc. should recognize revenue of $500,000 at the point of sale. III. An aircraft manufacturer builds specialty jets to a customer's specifications (i.e., no alternative use), which take 5 years to complete. The contract price is $1 million. The aircraft manufacturer should recognize revenue of $1 million over the 5-year period. None is true. Oll only OI only II and III Ill only