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Indicate whether the statement about revenue recognition is true or false by selecting the appropriate circle. Statement True False 1. Magazine subscription revenues may be recognized as production and delivery occur. 2. Revenues from rent may be recognized based on the passage of time. 3. Realizable means the formal recording of an item. 4. Revenues and gains are usually measured by the exchange prices of the items involved. 5. Readily convertible assets can be traded in an active market