Presented below are three revenue recognition situations Yang sells goods to MTN for 1,000,000, payment due at delivery Yang sells goods on account to Grifols for 800,000, payment due in 30 days Yang sells goods to Magnus for 500,000, payment due in two installments, the first installment payable i...

Revenue from sales of goods is recognised when all three following conditions are fulfilled Seller has transferred the ownership of goods to buyer for ...

Presented below are three revenue recognition situations. Yang sells goods to MTN for 1,000,000, payment due at

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Question:

Presented below are three revenue recognition situations.

Yang sells goods to MTN for ¥1,000,000, payment due at delivery.
Yang sells goods on account to Grifols for ¥800,000, payment due in 30 days.
Yang sells goods to Magnus for ¥500,000, 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 ¥464,000.

Instructions

Indicate the transaction price for each of these situations and when revenue will be recognized