Question: Presented below are three revenue recognition situations. (a) Grupo sells goods to MTN for $1,000,000, payment due at delivery. (b) Grupo sells goods on account

Presented below are three revenue recognition situations.
(a) Grupo sells goods to MTN for $1,000,000, payment due at delivery.
(b) Grupo sells goods on account to Grifols for $800,000, payment due in 30 days.
(c) Grupo sells goods to Magnus for $500,000, payment due in two installments: the first installment payable in 6 months and the second payment due 3 months later.
Instructions
Indicate how each of these transactions is reported.

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