Question
ABC signed a sales contract to provide West Bakery with an ingredient-weighing system for a price of $90,000 on July 15, 2021. The ingredient-weighing system
ABC signed a sales contract to provide West Bakery with an ingredient-weighing system for a price of $90,000 on July 15, 2021. The ingredient-weighing system included finely tuned scales that fit into Wests automated assembly line, ABCs proprietary software modified to allow the weighing system to function in Wests automated system, and a one-year service contract to calibrate the equipment and software on an as-needed basis. If ABC were to provide these goods or services separately, she would charge $60,000 for the scales, $10,000 for the software, and $30,000 for the calibration contract. ABC delivered and installed the equipment and software on November 1, 2021, and the calibration service commenced on that date. Assume that the scales, software, and calibration service are three separate performance obligations. How much revenue will ABC recognize in 2021 for this contract? _________ (Please round your answer to 2 decimal places.
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