* Bookmarks Recipes 22 Google Calendar -- Save to BigOven The Original Chex... Easywrite Software Company shipped software to a customer on July 1, 2013. 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, 2014. Assuming that Easywrite sold each of the components separately for the amounts listed, the total contract price is $266,000, and Easywrite estimates that the individual fair values of the components of the arrangement if sold separately would be: Software Technical support Upgrade $240,000 30,000 30,000 Required: 1. Determine the timing and amount of revenue recognition for the $266,000. Timing Date of shipment, January 1, 2014 Software Technical Support Upgrade Total Amount $ 240,000 30,000 30,000 $ 300,000 2. Assume that the $266,000 contract price was paid on July 1, 2013. Prepare a journal entry to record the cash receipt. Do not worry about the cost of the items sold. (If no entry is required for a particular transaction, select "No journal entry required in the first account field.) MacBook Pro