Maas LLP developed software that helps farmers to plow their fields in a manner that...
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Maas LLP developed software that helps farmers to plow their fields in a manner that prevents erosion and maximizes the effectiveness of irrigation. Sunny Dale paid a licensing fee of $24,000 for a copy of the sortware. Although Sunny Dale can use the software as long as it wants, Maas expects that Sunny Dale will use the software for approximately 5 Years. Maas does not anticipate any further interaction with Sunny Dale following transfer of license.
How much revenue should Maas recognize in the first year of the contract?
PLEASE show your calculation, really appreciated!
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