Summarize this information below. Introduction: The Croc Your World Enterprise (CYW) company founded by the charismatic and socially responsible businessman, Mr. Victor Diego. CYW's mission is to promote crocodiles as household pets, aiming in order to deter the hunting of animals for industrial purpose. In this report, we will explore the company's facilities planning, its first-year outcomes, and the challenges encountered as it looks to develop. The company is led by a dedicated senior leadership team, including Mr. Victor Diego (President), Robert Nicholas (Vice President of Production), Alexander River (Vice President of Sales), and Julie Amara (Vice President of Operations). Facilities of the company included leased boats in Southeast Asia, a warehouse with a holding tank in the State of Gold, and an office space, all secured for three years. Results of the first year: In this inaugural year, CYW successfully caught and sold 400 crocodiles out of the 600 caught, generating revenue at a selling price of $1,250 per crocodile. The company spent $390,000 on capturing crocodiles, with additional shipping costs of $100 per crocodile. While credit terms were liberal, only $300,000 was collected from customers. Ms. Amara estimates which collection costs and bad debts expenses could account for up to 20% of the sales price. Encouraged by the first-year success, Mr. Diego aims to catch and sell 700 to 900 crocodiles in the upcoming year. In order to support this growth, the company plans to develop its facilities, requiring additional funds for leasing more boats and warehouse space. Mr. Diego decides to approach banks for a loan, signaling the need for a comprehensive income statement prepared in accordance with GAAP principles. The responsibility for preparing the income statement falls on Ben Kay, a recent college graduate and staff accountant. Ben faces a challenging as he delves into GAAP principles, particularly focusing on the matching principle and revenue recognition. He seeks guidance from the three top executives related the critical point in CYW's operations cycle to recognize revenues. Adding to the complexity, CYW faces a legal challenge from Mario Property Management, claiming the company had no right to break the lease. The lawyer's memo in Attachment 2 outlines the potential consequences, including financial penalties and punitive damages. This report will delve into the financial and operational aspects of CYW, addressing the challenges posed by facilities planning, revenue recognition, and the legal dispute. By the end, readers will gain a comprehensive understanding of CYW's current situation and the proposed strategies in order to overcome these hurdles