In 2018, Ginzel Corporation agreed to provide a client with 20 detailed marketing analyses of its clients key products for a total fee of $110,000. The fee was computed as $5,000 per report x 20 reports = $100,000, plus $10,000 to extract the necessary data from the clients system and convert it into the format Ginzel needs to do the analysis. It cost Ginzel $4,000 to complete the data extraction and conversion. As of December 31, 2018, Ginzel has completed the conversion of the data and has completed and delivered 7 of the 20 marketing reports to the client. Required: How much revenue should Ginzel recognize in 2018? How should Ginzel account for the $4,000 in costs it incurred to extract and convert the clients data?