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a. E3-6B. Revenue Recognition Identify the proper point to recognize revenue for each of the following transactions. Creed Industries sells a machine in January with terms of 50 percent due on delivery in January and the remaining balance due three months later. b. Pia Company collects an advance deposit of $950 in May toward the purchase of a $4,000 piece of equipment that is delivered to the customer the following month. Juan Corporation receives payment in March at the time of delivery of a rebuilt engine for a forklift. C