Question: On June 1 st , Lucy & Bros received an order for 5 0 0 cupcakes. Lucy delivered the cupcakes to the client on June

On June 1st, Lucy & Bros received an order for 500 cupcakes. Lucy delivered the cupcakes to the client on June 25th. A $50 deposit was received on June 5thand the remaining $450 was paid on June 30th. Lucy likely would recognize revenue on:
Group of answer choices
June 5th
June 1st
June 25th
June 30th
Group of answer choices
Estimate the total transaction price of the contract based on fair value.
Identify the performance obligations of the contract.
Allocate all revenue to the performance obligation with the largest stand-alone selling price.
Determine whether bad debts can be reasonably estimated.

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