The Fastbank Motorcycle Service Company wins a $10 million bid to provide the repair services for a recall on a popular brand of motorcycles. No money is exchanged. The repair services are expected to be performed early next year. Which of the steps of the five-step model for revenue recognition is not yet complete?
A. Identify the seller's performance obligation(s).
B. Identify the contract.
C. Recognize revenue when (or as) each performance obligation is satisfied.
D. Determine the transaction price.
Answer: C
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