E 3-11 Revenue recognition at a point in time or over time (LO 3-4) Kleymenova Consulting, Inc., enters into a contract to provide consulting services. Required: In each of the following independent scenarios, determine whether revenue should be recognized at a point in time or over time. 1. The consulting services are the provision of technical computer assistance as needed. For $10,000 per month, whenever the client has a problem, it contacts Kleymenova, which dispatches a consultant to address the problem at no additional charge. 2. The consulting services are to develop a new customer payment collection system for the client. The $150,000 contract price is payable in installments as certain benchmarks are eached. Because of the specialized nature of the software, there is no alternative use for the computer code. Its only use is for Kleymenova's client. 3. The consulting services are to update and improve the client's existing customer collection system. The $150,000 contract price is payable when certain benchmarks are reached, the client has signed off on an improved functionality promised under the contract, and the update has gone live. 4. Kleymenova is developing a generic customer payment collection system, which will be installed at the client's facilities upon completion. The client paid $25,000 upon signing the contract and will pay the $125,000 balance of the contract price when installation is complete. Kleymenova will also be able to install essentially the same system on other clients' computers