1) List the Area and Topic number from the Codification that you will be researching to resolve your clients' question. 2) Cite the proper ASC (XXX)-(YY}-(ZZ)-(PP) that lists the five-step revenue recognition process as set forth in the Codification. Hint: Overview and Background 3) For each of the five steps in the process, analyze in detail and support your conclusion for your client's situation by citing the proper Codication reference as follows ASC (XXX]-(YY)-(ZZ)-(PP). Specifically, include: a. Step One Is there a contract? Support your answer by docm'nenting if this contract meets all the criteria for a contract as listed in the codification. Step TWo- Define what a performance obligation is and identify the performance obligations in this contract. Step Three-Determine the transaction price. If there is any variable consideration, use either the expected value method or the most likely amount to determine if it should be included in the transaction price. Step Four-Allocate the transaction price to the performance obligations {rotuld percentages to only three decimal points -example .587 or 58.?%) Step Five-Recognize revenue when (or as) the entity satises a performance obligation. Please just define the decision making process used to determine if revenue should be recognized over time or at a point in time and cite the proper Codification reference. The case above does not give you enough specics to determine a specic course of action. However, it is your responsibility to give your client all the detail to draw their own conclusion