15.

21.

The following partial balance sheet ($ in thousands) for Paisano Seafood Inc. is shown below. Liabilities and Equity Current liabilities: $ 60 Accounts payable 170 Other liabilities $ 240 80 Assets Current assets: Cash Accounts receivable (net) Notes receivable (short term) Inventories Prepaid expenses Patent Plant assets (net) 150 Total current liabilities 320 110 430 200 Long-term liabilities 25 Total liabilities 105 Shareholders' equity: 255 Capital stock Retained earnings Total shareholders' equity $ 965 Total liabilities and equity 415 180 595 Total assets $ 965 The working capital is: O 1.58 285 0 185 85 Lux Hotels, Inc. has signed a contract with Deluxe Rooms, Inc. for $3 million. In the contract Lux sold cleaning equipments to Deluxe and also receive one year's cleaning service from Deluxe. Deluxe received the $3 million cash at contract inception. The standalone price for the equipment is $200,000 and the stand alone price for the service contract is $3 million. Under the cleaning service agreement, Deluxe Rooms is obligated to clean and prepare hotels rooms managed by Lux Hotel on a daily basis from August 1, 2018 to July 31, 2019. What is the revenue recognized for the sale of equipment at the inception of the contract? Please write out your numbers in the format such as $24,456, 234. Do not use words such as million or thousands in your