Question: I'd like to know if my answer is correct or incorrect. On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract

I'd like to know if my answer is correct or incorrect.

I'd like to know if my answer is correct or incorrect. On

On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It does not sell technical support separately. Gerakos uses the residual method to allocate the transaction price. Required: What amount of revenue does Gerakos recognize in 201 and in 202 ? (Do not round intermediate calculations. Round your answers to the nearest whole dollar amount.)

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