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Business, 07.12.2021 01:20 Ashleymsmith

On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It sells technical support for $30,000. Gerakos allocates the transaction price based on relative stand-alone values. Required:
What amount of revenue does Gerakos recognize in 20X1 and in20X2?

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On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to...
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