Consider the following questions:
1. What is the difference between a principal and an agent for determining the amount of revenue to recognize?
2. Under what circumstances should sellers consider the time value of money when recognizing revenue?
3. When should a seller view a payment to its customer as a refund of part of the price paid by the customer for the seller's products or services?
4. What are three methods for estimating stand-alone selling prices of goods and services that normally are not sold separately?
Use the fictitious data.