Identify all true statements about significant financing components.

Apply time value of money if the length of time between a transfer of goods or services to the customer and customer's payment for those goods or services is longer than one year.

2. For a long-term credit sale, use interest rate of the seller to determine cash selling price when applying time value of money.

3. For customer's prepayment, use interest rate of the customer to determine cash selling price when applying time value of money.

4. Seller recognizes note receivable and interest revenue in a long-term credit sale.

5. Seller recognizes deferred revenue and interest expense in customer-prepayment situation.

1, 2 and 3

1, 4 and 5

4 and 5

1, 2, 3, 4 and 5