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On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without

On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It sells technical support for $30,000. Gerakos allocates the transaction price based on relative stand-alone values. Required: What amount of revenue does Gerakos recognize in 20X1 and in 20X2? (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.) Revenue recognized 20X1 20X2
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On November 1, 20xt, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000 Gerakos selis the same software without technical support for $60,000. It sells technical support for $30,000. Gerakos allocates the transaction price based on relative stand-alone values. Required: What amount of revenue does Gerakos recognize in 201 and in 202? (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

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