7. B&T sells phones for $200 if the customer signs a one-year contract. The monthly fee for call service is $50 per month. B&T purchases the phones from a supplier in Japan for $150 a unit and sells the phone separately for $300. On October 1, 2020, a customer signs the contract and pays for the phone. Cell phone service also begins on October 1, 2020. How much revenue will be recognized on the income statement for the period ending December 31, 2020?