On November 1, 2024, Taylor signed a one-year contract to provide handyman services on an as-needed basis to King Associates, with the contract to start immediately. King agreed to pay Taylor $6,000 for the one-year period. Taylor is confident that King will pay that amount, but payment is not scheduled to occur until 2025. Taylor should recognize revenue in 2024 in the amount of $1,000. $0. $6,000. $3,000.