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I'd like to know if my answer is correct or incorrect. On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract
I'd like to know if my answer is correct or incorrect.
On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It does not sell technical support separately. Gerakos uses the residual method to allocate the transaction price. Required: What amount of revenue does Gerakos recognize in 201 and in 202 ? (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)
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