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What amount of revenue does Gerakos recognize

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Question - Allocation of transaction price and revenue recognition

On November 1, 2019, 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 2019 and in 2020?

Reference no: EM132614687

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