Question: On May 1, 2024, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support

On May 1, 2024, Varga Tech Services signed a $6,000 consulting contract

On May 1, 2024, Varga Tech Services signed a $6,000 consulting contract with Shaffer Holdings. The contract requires Varga to provide computer technology support services whenever requested over the period from May 1, 2024, to April 30, 2025, with Shaffer paying the entire $6,000 on May 1, 2024. How much revenue and deferred revenue should Varga recognize in its year-ended December 31, 2024, financial statements? Note: Do not round intermediate calculation. Revenue Deferred revenue

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