Zack developed software that helps farmers to plow their fields in a manner that prevents erosion and maximizes the effectiveness of irrigation. Sparky paid a licensing fee of $60,000 for a copy of the software. Although Sparky can use the software as long as it wants, Zack expects that Sparky will use the software for approximately 5 years. Zack will not have any continuing involvement with Sparky following transfer of the license. How much revenue should Zack recognize in the first year of the contract? $60,000 $15,000 $12,000 $0