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On November 1, 2019, Gerakos Corporation sold software and a six-month technical support contract to...

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Accounting

On November 1, 2019, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells technical support for $30,000. It does not sell the software separately. Gerakos uses the residual method to allocate the transaction price.

Required:

What amount of revenue does Gerakos recognize in 2019 and in 2020?

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