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Janora Hawkins, the attorney, agrees to accept an accident victim's case. Hawkins will be paid...

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Accounting

Janora Hawkins, the attorney, agrees to accept an accident victim's case. Hawkins will be paid on a contingency basis. That is, if she wins the case, she will receive 30% of the total settlement. The case commences on July 15 and is settled successfully on August 28. On September 15, Hawkins receives her contingency payment of $60,000.

Required:

Identify the performance obligation(s) and the timing of revenue recognition of each. Explain whether the revenue should be recognized over time or at a point in time.

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