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

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.) 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 201 and in 202 ? (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)