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Orange, Inc., sells a LearnIt-Plus software package that consists of their normal LearnIt math tutorial program along with a one-year subscription to the on-line LearnIt Office Hours virtual classroom. LearnIt-Plus retails for $200. When sold separately, the LearnIt math tutorial sells for $150, and access to the LearnIt Office Hours sells for $100 per year.

How much revenue will be recognized upon delivery of the LearnIt software?

How much revenue will be deferred and recognized over the life of the one-year period in which the Office Hours are delivered?

If Orange did not sell the LearnIt Office Hours separately, but believed it would price it at $100 per year.

How much revenue will be recognized upon delivery of the LearnIt software?

How much revenue will be deferred and recognized over the life of the one-year period in which the Office Hours are delivered?

Accounting Basics, Accounting

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