Question: Apple sells an iPhone X for $ 1 0 0 0 . They identify this sale as a contract with the customer. What is the

Apple sells an iPhone X for $1000. They identify this sale as a contract with the customer. What is the very next thing they should do?
Identify the performance obligations they must provide as part of that sale
Recognize revenue for the sale of the iPhone
Determine how much of the price is for software updates and how much is for the phone itself
Increase equity by $1000.

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