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On July 15, 2021, Fatma & Co. signed a contract to provide Mitsudome Bakery with an ingredient-weighing system for a price of $87,600. The system included finely tuned scales that fit into Mitsudome's automated assembly line, Fatma's proprietary software modified to allow the weighing system to function in Mitsudome's automated system, and a one-year contract to calibrate the equipment and software on an as-needed basis. (Fatma competes with other vendors who offer ongoing calibration contracts for Fatma's systems.) If Fatma was to provide these goods or services separately, it would charge $58,000 for the scales, $10,000 for the software, and $32,000 for the calibration contract. Fatma delivered and installed the equipment and software on August 1, 2021, and the calibration service commenced on that date. Problem 1: Assume that the scales, software and calibration service are all separate performance obligations. How much revenue will Fatma recognize in 2021 for this contract?
Option 1: $59,568Option 2: $71,248Option 3: $87,600Option 4: $0
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