Part II: Part I should be completed before beginning Part II. Background MU just developed new universal :tanium replacement mixer blades. These replacement blades can be used in most mixers currently on the market. MU is selling these blades with a right of return for 30 days. On January 15, management believes it is probable that 10%% of the :itanium blades sold will be retumed. This bel of is based on significant experience in eadmating retums on other mover blades MU has developed and sold in the past. MU estimates the cost of processing any retumed blades will be insignificant On January 15, KH purchases and pays for 40 blades at a cost of $20 each. The cost to manufacture each blade was $14. On January 21, MU's assessment of potential retums had not changed from its assessment on January 15. Requirements: Review ASC 605-15-25. Record all initial accounting entries for MU for the month of January based on the current guidance on revenue recognidon in ASC 605. Include references to the guidance to support your proposed accounting. Show any calculations you make to support your journal entries. REVIEW ASC 606-10-65-22 through 28. Prepare a detailed explanation of each of the five steps of revenue recognition. Record all inkal accounting entries for PU for the month of January based on the now guidance on revenue icognidon in ASC CCG. Include references to the guidance to support your proposed accounting. Show any calculations you make to support your cumal antics. What, If anything, is the difference in revenue recognized for the month of January under ASC 505 and ASC 60G7