In 2018, Ginzel Corporation agreed to provide a client with 20 detailed marketing analyses of its client's 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 client's 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: 1. How much revenue should Ginzel recognize in 2018? 2. How should Ginzel account for the $4,000 in costs incurred to extract and convert the client's data? 2018 Ginzel recognizes 1 2a. Asset reported at December 31, 2018 2b Expense to be recognized in 2018