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How much in revenue should snare record for the six months

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Question - Snare receives a monthly agreed upon fee of $90,000. Snare's compensation contract provides an incentive fee of 6% of loans amounts processed over the base of 80,000 applications, paid in December of each year. During each of the last 5 years, Snare has processed 1,200 loans over the 80,000 base, the average amount of the excess loan applications has totaled $1,250,000. Snare accounts for contracts as a single performance obligation because their services are interdependent and interrelated. How much in revenue should Snare record for the six months ended June 20X2?

A. $615,000

B. $577,500

C. $1,115,000

D. $540,000

Reference no: EM132962843

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