Question: Please show step by step solution. Thank you! Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $905.000. payment due

Please show step by step solution. Thank you!

Presented below are three revenue recognition situations. (a) Groupo sells goods to MTN for $905.000. payment due at delivery. (b) Groupo sells goods on account to Grifols for $790,000, payment due in 30 days. la Groupo sells goods to Magnus for $537.000. payment due in two installments, the first installment payable in 18 months and the second payment due 6 months later. The present value of the future payments is $503.800. Indicate the transaction price for each of these situations and when revenue will be recognized. Transaction Price Revenue will be recognized

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