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Problem 5-1A Calculate the amount of revenue to recognize (LO5-1) Assume the following scenarios. Scenario...

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Problem 5-1A Calculate the amount of revenue to recognize (LO5-1) Assume the following scenarios. Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $1,000 on account. The customer does not pay for those services until 2022. Scenario 2: On January 1, 2021, Gold's Gym sells a one-year membership for $1,200 cash. Normally, this type of membership would cost $1,600, but the company is offering a 25% New Year's Resolution" discount. Scenario 3: During 2021, The Manitowoc Company provides shipbuilding services to the U.S. Navy for $450,000. The U.S. Navy will pay $150,000 at the end of each year for the next three years, beginning in 2021 Scenario 4: During 2021. Goodyear sells tires to customers on account for $35,000. By the end of the year, collections total $30,000 At the end of 2022, it becomes apparent that the remaining $5,000 will never be collected from customers Required: For each scenario, calculate the amount of revenue to be recognized in 2021 Revenue recognized in 2021 Scenario 1 Scenario 2 Scenario 3 Scenario 4

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