Here is the following revenue recognition situation.a. Wage Inc. sells goods to Rajab Corp for $850,000, payment due at delivery.b. Wage Inc. sells goods on account to Suro Corp for $1,050,000, payment due in 30 days.c. Wage Inc. sells goods to Syawal Corp for $480,000, payment due on two installments. Thefirst installment payable in 14 months, and the second payment due 4 months later. Thepresent value of the future payment is $445,000.Instructions:Indicate the transaction price for each of these situations and when revenue will be recognized.

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The term "amortization" refers to spreading the value of a loan or a debt over a series of regular payments or installments comprising of both the principal and interest amount. It generally involves the process where in the value of a loan or an intangible asset is written down over its maturity period.