Business, 31.10.2019 03:31 jadeaguayo28

On january 1, 2020, franchisee inc. enters into a contract with italian fine dining inc. for the right (beginning immediately) to operate an italian fine dining restaurant and receive on-going consulting services for a five-year period. the upfront fee of $90,000 also includes specialized equipment for $12,000. the standalone selling price of the franchise services and specialized equipment are $78,000 and $12,000, respectively. the equipment (with a cost of $9,000) was transferred to the franchisee on march 1, 2020. determine the amount of revenue to recognize for italian fine dining inc. on january 1, 2020, march 1, 2020, and december 31, 2020.revenue to recognize on january 1, 2020 answerrevenue to recognize on march 1, 2020 answerrevenue to recognize on december 31, 2020 answer

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