Nate Beggs signs a 1-year contract with Pronghorn Video. The terms of the contract are that Nate is required to pay a non-refundable initiation fee of 104. No annual membership fee is charged in the first year. After the first year, membership can be renewed by paying an annual membership fee of 4 per month. Pronghorn determines that its customers, on average, renew their annual membership three times after the first year before terminating their membership. What amount of revenue should Pronghorn recognize in its first year? Revenue in first year