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Question - XYZ INC sells hardware, software, and IT services to small business customers. XYZ INC has built an accounting software package product. The company offers equipment services for CU 1.15 billion, installation services for CU 150 million and technical support services for two years for CU 300 million. The company also offers a contract for goods and services combined with installation and technical support for CU 800 million. The installation process for the device is special and currently only available for XYZ INC. Payment for the package contract is due one month after the date of installation. At the date of March 10, 2020, XYZ INC and MNC INC signed a contract for a package of equipment and services related to a value of CU 1.5 billion. The equipment was installed, and the bill was submitted on March 30, 2020. XYZ INC recognize revenue from customers in accordance with the provisions of IFRS.
Required -
1. How many performance obligations are in the contract?
2. When does XYZ INC recognize revenue?
3. How much income will be recognized in 2020? Show your calculations.
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