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On January 1 , 2 0 2 2 Grant Corporation received a cash payment from its customer, Tucker Corporation. The payment amount was $ 4

On January 1,2022 Grant Corporation received a cash payment from its customer, Tucker Corporation. The payment amount was $400,000 and was a down payment for consulting work Grant was to perform for Tucker later in 2022. The total value of the consulting work to be performed by Grant for Tucker was estimated to be $1,000,000. From March 1, through March 20,2022, a consulting employee of Grant, Sharon Smith who earns $200.00 per hour as a consultant, performed 160 hours of consulting services to Tucker. Grant billed Tucker $54,400 for the consulting work performed by Sharon Smith. From June 1 through August 24,2022, Debbie Williams who earns $150 per hour as a consultant for Grant Corporation, work 205 hours providing consulting services to Tucker. Grant billed Tucker $45,000 for the work preformed by Debbie Williams. How much revenue should Grant recognize for the services it provided to Tucker for the year ended December 31,2022.
Group of answer choices
$62,750.
None of the answer selections are correct.
$400,000.
$99,400.
$1,000,000.

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