in october, year 2, a large u.s. aircraft manufacturer signed a significant contract with the government of france to build 50 jumbo jets, with delivery scheduled for year 5. in february, year 3, the firm signed a second contract with the government of germany to build 35 jumbo jets. the year 2 financial statements were issued in early march , year 3. the firm did not begin work on either contract before the issuance of the year 2 statements. which contract(s) should be recognized in the accounts for the year 2 financial statements? contract 1 (french) contract 2 (german) yes no no yes yes yes no no