Problem $3-15$ Contract acquisition costs $($LO$3-6)5$ pointsBarrios Communications is a provider of satellite television services. It will install a satellite dish free of charge for any customer that agrees to a one$-$year service contract at a price of $$50$ per month. Installation costs Barrios $$150.$ Customers typically remain with Barrios for much longer than the one year required, an average of $10$ years $($i$.$e$.,9$ years beyond their contractual obligation$).$eBookPrintBarrios enters into a contract under the terms described above on January $1,20$X$1.$Required:References$1.$ What amount of revenue should Barrios record related to the contract in $20$X$1?2.$ What amount of expense related to the contract should Barrios record related to the contract in $20$X$1?1.$ Revenue in $20$X$1+2.$ Expense to be recorded in $20$X$1$