22 Using the 5-step model of revenue recognition explain when revenue should be recognized for the following situation. Make sure you apply all steps and individual criteria within each step. 5G Telecom is a new company offering 5G data connection. They are the first in Canada and are a publicly traded company on the TSX-V. To attract new customers they are offering a one time bundled 2 year contract for all new subscribers. The following is what they are offering for low price of $100 per month for 2 years. 1) Unlimited data, call and text any where in Canada 2) A new Iphone or Samsung phone 3) A phone protection warranty