Enabled: ACC 3000 - Midterm Examinati... Seved Help Save & EX Sub On June 1, 2021, Royal Property Management entered into a one-year contract to oversee leasing and maintenance for an apartment building. The contract starts on July 1, 2021. Under the terms of the contract, Royal will be paid a fixed fee of $62,000 and will receive an additional 15% of the fixed fee at the end of the contract provided that bullding occupancy exceeds 90%. Royal estimates a 30% chance it will exceed the occupancy threshold, and concludes the revenue recognition over time is appropriate for this contract Assume Royal estimates variable consideration as the expected value. How much revenue should Royal recognize on this contract in 2021? Multiple Choice $62,000 $32,395