On June $1,2023,$ Emmet Property Management entered into a $1-$year contract to oversee leasing and maintenance for an apartment building. The contract starts on July $1,2023.$ Under the terms of the contract, Emmet will be paid a fixed fee of $$50,000$ and will receive an additional $$7,500$ of the fixed fee at the end of the contract provided that building occupancy exceeds an occupancy threshold. Emmet estimates a $30\%$ chance it will exceed the occupancy threshold, and concludes the revenue recognition over time is appropriate for this contract.