LTL Inc. sold and delivered a 3D printer to a large university for total consideration of $18,000. As part of the contract, LTL will provide maintenance services on the printer for a three-year period. On a stand-alone basis, LTL sells that model of printer for $14,000, and the fair value of the maintenance services is $2,000 per year. Assuming that LTL reports under IFRS, what amount of revenue will LTL recognize in the second year of the contract?

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Under IFRS 15 Revenue from Contracts with Customers revenue should be recognized based on the satisf... View the full answer