identifying the Five Steps in the Revenue Recognition Process Match each step 1 through with the sales process described in a through Revenue Recognition Steps Step 1: Identify the contract with customer Step 2: Identity the performance obligations) Step 3: Determine the transaction price, Step 4: Allocate the transaction price to performance obligations) Step 5: Recognize revenue when cor as) each performance obligation is satisfied through a transfer of control Description of the Steps in a Sale of an Electronic Tablet The total price for the tablet and two years of services 1600 Step Customer takes possession of the electronic tablet and benefits from the data ce over two years Step 2 Customer will receive the electronic tablet immediately and will benefit from two years of the Stepa The standalone se price of the table 1400 and of the two years contact 3200 Step 4 e Customer agrees to purchase an electronic tablet plus two years of services for an agreed upon pce Step 5