Bufete Cuevas-Bustamante offers legal services in the bankruptcy area and operates under the cash and receipt method of accounting ("cash basis"). During 2021, the firm represented 100 clients in Bankruptcy Court, the fees to each client were $1,000, and the 100 clients paid for their services in 2021. Likewise, the firm represented an additional 50 clients during 2021, whose Fees were also $1,000 each, but these clients paid between January and February 2022. Determine: What amount of income was made in 2021. How much revenue is recognized in 2021.