The following are independent situations.

1. The insurance policy on your car starts February 1, 2020, and covers one year. You paid the insurance company $1,800 on January 28, 2020.

2. Porter Airlines sold you a non-refundable one-way ticket in October 2020 for your flight home at Christmas. The cost of the ticket was $398.

3. You went for your annual dental checkup on April 5, 2020. The fees were $125, and the dentist’s office requires payment within 30 days of the visit. You paid the bill on April 30, 2020.

4. The Winnipeg Jets sell season tickets in one section of the arena for $6,087 per seat. The season begins in September, ends in March, and covers 41 games. You bought one season’s ticket and paid for it in July 2020 for the 2020–21 season.

Required

For each of the above situations, from the perspective of the company you purchased the goods or services from, determine:

a. The performance obligation(s) included in the contract,

b. The transaction price, and

c. When the performance obligation(s) would be satisfied, resulting in revenue recognition.