Question: QUESTION 41 Seade in Engineering licensed software to oil-driling firms for 5 years on 1/1/21. In addition to providing the software, the company also provides

QUESTION 41 Seade in Engineering licensed software to oil-driling firms for 5 years on 1/1/21. In addition to providing the software, the company also provides consulting Services and support to ensure smooth operation of the software. The total transaction price is $420,000 and is paid in cash. Based on standalone values, the company estimates the consulting services and support have a value of $120,000 and the software license has a value of $330,000. Assuming the performance obligations are not interdependent Question: What is the impact on net income on 1/1/21

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