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Please review this case in the context of the five-step Revenue Recognition Process found in FASB ASC 606 (& IFRS 15)
- Revenue from Contracts with Customers.
1.) Identify the contract with customer
2.) Identify the separate performance obligations in the contract (if exists)
3.) Determine the transaction price
4.) Allocate the transaction price to the separate performance obligations
5.) Recognize revenue when each performance obligation is satisfied.
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