You work for a publicly traded movie production company. The company plans to release a new children's movie toward the

beginning of the next accounting period. To promote the movie, they have arranged to include promotional toys in children's meals

sold by a national fast food chain. The CEO wants to recognize licensing fee revenue from the fast food chain as it is realized,

explaining that he sees no reason to delay the recognition. The CFO wants to delay recognition until the release of the movie

because it is a byproduct of the related film, and recognition of that revenue should not occur until the film is released.

The FASB Accounting Standards Codification is now available as a free resource. You can access the codification using the following

link: FASB Accounting Standards Codification. $$ You will be asked to verify that you are not a robot, accept the License Agreement,

and click on the Accept link on the main page before you are allowed to search the codification.

Required: Research the FASB Accounting Standards Codification. $1)$ Determine the appropriate treatment of the licensing fee

revenue. Is the CEO or CFO correct? $2)$ Identify the appropriate section of the Codification to support your response.