VA Session X Welcome x + MInbox (5) x 5 Apply to X E Coker Urx PepsiCo X Content X Interpret X .com/ultra/courses/_14741_1/d/outline Assignment 3 Assignment 3 At For Assignment 3 answer the following questions: 1. On December 1, Year 1 Retail Sore sells a $1,500 computer. Customer Nancy pays $1,000 in cash and signs an installment agreement for the remaining 5500 to be paid the following year. On the income statement how much revenue should be recognized? a, in Year 1 $ b. In Year 2 2. In this accounting period, CYCLES purchased 10 bicycles for $150 each at wholesale and sold 6 bicycles for 5400 each to customers. On the income statement of CYCLES, how much will be reported for a. Sales Revenue? b. Cost of Goods Sold? C. Gross Profit d. The cost of the four unsold bicycles will remain part of inventory. COGS, or retained earnings it will be reported on the 85. IS. RE. CF which