d. JJ Construction Inc. entered into a contract with a customer to build a movable storage facility on January 1, 2020, for $2,400,000. JJ Construction Inc. owns the work in process and constructs this type of storage unit for a number of customers. The customer made a down payment of 10% of the project, with an additional 10% due at the end of year one and the remaining due when it takes control of the facility. The facility is expected to be completed in two years for a total cost of $1,920,000. Actual costs incurred through December 31, 2020, are $800,000. Determine the amount of revenue to record in 2020. Revenue to recognize in 2020 $ e. On January 1, 2020, Franchisee Inc. enters into a contract with Italian Fine Dining Inc. for the right (beginning immediately) to operate an Italian Fine Dining restaurant and receive on-going consulting services for a five-year period. The upfront fee of $240,000 also includes specialized equipment for $32,000. The standalone selling price of the franchise services and specialized equipment are $208,000 and $32,000, respectively. The equipment (with a cost of $24,000) was transferred to the franchisee on March 1, 2020. Determine the amount of revenue to recognize for Italian Fine Dining Inc. on January 1,2020, March 1, 2020, and December 31, 2020. Revenue to recognize on January 1, 2020 Revenue to recognize on March 1, 2020 Revenue to recognize on December 31, 2020 $ $ 0 $ 0x 0x Check