On October 1, 2020, Turf Toe Enterprises signed a two-year contract to provide turf maintenance services to Arsenal FC, with the contract to start immediately. Arsenal FC agreed to pay Turf Toe $16,000 for the two-year period. Turf Toe is confident that Arsenal FC will pay that amount, but payment is not scheduled to occur until 2021. How much revenue should Turf Toe recognize in 2020?

1. $0
2. $16,000
3. $2,000
4. $8,000
5. $1,000

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