Question: Google Cloud Platform (GCP) has signed a five-year contract with a client for cloud services. The contract involves an upfront payment of $10,000,000 and has

  • Google Cloud Platform (GCP) has signed a five-year contract with a client for cloud services.
  • The contract involves an upfront payment of $10,000,000 and has a total value of $50,000,000.
  • Revenue recognition is based on the completion of project milestones.
  • In the first year, GCP accomplished 60% of the project milestones. Calculate the revenue recognized for the first year using the percentage-of-completion method.

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