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Show your analysis of the 5-step revenue recognition

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Assume that the recreation center at UMSL uses the new ASU No.2014-09 for revenue recognition. Joining the rec center requires a membership fee of $200 per semester (there are 4 months in one semester). This fee entitles the student to use all of the facilities and unlimited access to group exercise classes and requires payments before the semester starts. The center also offers "life coaching", a private lesson that charges $30 per 1/2 hour session and is not included in the membership. Before the rec center first opened, UMSL gives each student who signed up a coupon for 2 free sessions of "life coaching". Because the students have an option of using the coupons, there is uncertainty about the stand-alone value of the $60 worth of coupons. Let's assume that our best estimate is that 60% will be used.

Required: Show your analysis of the 5-step revenue recognition on this $200 fee:

Reference no: EM131750806

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