On November 1, Year 1, Lansing, Incorporated, signed a one-y…
On November 1, Year 1, Lansing, Incorporated, signed a one-year contract to provide maintenance services on an as-needed basis to one of its customers, with the contract to start immediately. The customer paid the company $4,920 for the one-year period. What is the amount of revenue that should be recognized by the company with regards to this contract during Year 1?