E18-3B (Revenue Recognition—Point of Sale)Presented below are three revenue recognition situations. (a) Gee sells goods to Pluto for $950,000, payment due at delivery. (b) Gee sells goods on account to Goofy for $750,000, payment due in 45 days. (c) Gee s

E18-3B (Revenue Recognition—Point of Sale)Presented below are three revenue recognition situations.

(a) Gee sells goods to Pluto for $950,000, payment due at delivery.

(b) Gee sells goods on account to Goofy for $750,000, payment due in 45 days.

(c) Gee sells goods to Donald for $400,000, payment due in four installments: the first installment

payable in 6 months and subsequent payment due every six months thereafter.

Instructions

Indicate how each of these transactions is reported.