Part Ill: Part II should be completed before beginning Part III. Background On January 1, MU separately entered into a non exclusive licensing agreement with KH. The licensing agreement allows KH the right to use the MU trademarked logo on aprons and chef hats for a two year period. MU also plans to spend $1 million during the two year period on advertising its products with the logo. The rights and terms granted by MU to KH are similar to those granted by MU in licensing agreements With various other companies. KH paid MU a one dme fee of $12 000 on January 1 at the Inception of the two year loonsing period. Acquirements Record all in dal accounting entries for MU for the month of January based on the current guidance on revenue recognition in ASC 605. Include references to the quidance to support your proposed accounting. Show any calculations you make to support your joumal entries. Review ASC 60G-10-65-54 through 54. Prepare a detailed explanation of each of the live sicos of revenue recognition. Record all inical accounting entries for RU for the month of January based on the now guidance on revenue icognidon in ASC 60G. Include references to the quidance to support your proposed accountng. 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 COST