On May 1, 2016 Marquis Tech Services signed a $6,000 consulting contract with shaffer Holdings. The contract requires Marquis to provide computer technology support services whenever requested over the period from May1, 2016, to April 30, 2017, with shaffer paying the entire $6,000 on May 1, 2016. REQUIRED: How much revenue should Marquis recognize in 2016? Cindy Systems sold software to a customer for $80,000. As part of the contract, cindy promises to provide "free" technical support over the next six months. Cindy sells the same software without technical support for $70,000 and a stand-alone six-month technical support for $30,000, so these products would sell for $100,000 if sold separately. REQUIRED: Prepare Cindy System journal entry to record the sale of the software. Yu Consulting is contemplating the purchase of a small restaurant. The purchase price listed by the seller is 4800,000, Yu has used past financial information estimate that the net cash flows (cash inflows less cash outflows) generated by the restaurant would be as follows: If purchased, the restaurant would be held for 10 years and then sold for an estimated $300,000. Required: Assuming that Yu Consultants desires a 3% rate of return on this investment, should the restaurant be purchased? (Assume that all cash flows occur at the end of the year and use the PV/FV table on page #1 of this test.)