Easywrite Software Company shipped software to a customer on July 1, 2011. The arrangement with the customer also requires the company to provide technical support over the next 12 months and to ship an expected software upgrade on January 1, 2012. The total contract price is $243,000, and Easywrite estimates that the individual fair values of the components of the arrangement if sold separately would be:

Software ........$ 210,000

Technical support .....30,000

Upgrade ..........30,000

Required:

Determine the timing and amount of revenue recognition for the $243,000. (Do not round intermediate calculations. Omit the "$" sign in your response.)

Software Date of Shipment, July,1, 2011 $-------

Technical support evenly 12 month of the agreement$-- 

Upgrade Date of shipment, January,1,2012 $---

Also, Assume that the $243,000 contract price was paid in advance on July 1, 2011. Prepare a journal entry to record the cash receipt. Do not worry about the cost of the items sold.

----- July 1, 2011 To record sale of software...