Answered step by step
Verified Expert Solution
Question
1 Approved Answer
P shipped software to a customer on July 1, 2016 The total contract price is $18457 The arrangement with the customer also requires P o
P shipped software to a customer on July 1, 2016 The total contract price is $18457 The arrangement with the customer also requires P o To provide technical support over the next 5 years o To ship an expected major software upgrade on July 1, 2019 Estimates of the individual fair values of the components of the arrangement if sold separately are: 1. Software: $7567 2. Technical support: $7752 3. Upgrade: $7198 a. the number of performance obligations in the contract is b. the amount of revenue that P will recognize for the software on July 1, 2016 C. the total amount of revenue that P will recognize for technical support, ratably over 5 years, is: d. the amount of revenue that P will recognize for the software upgrade on July 1, 2019 is
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started