TechGear Co. signed a three-year contract with a prominent company to provide software licensesI for its employees in April 2022. The total contract amount is $450,000, which TechGear Co. received in full at the beginning of the contract period. However, the software licenses will be provided evenly over the three years. with one-third of the licenses delivered each year. In its financial statements for the year ended 31 December 2022, TechGear Co. recognised the entire $450,000 as revenue. Required: Should TechGear Co. adjust the revenue recognition for the software licensing contract in its financial statements? Explain using the definition and recognition criteria of revenue