SoftTek promises to provide consulting services by extensively customizing the software to Lopez$$s information technology environment, for a total consideration of $$600,000.$ In this case, SoftTek is providing a significant service by integrating the goods and services $($the license and the consulting service$)$ into one combined item for which Lopez has contracted. In addition, the software is significantly customized by SoftTek in accordance with specifications negotiated by Lopez. Which of the following statements is most likely true regarding the given information?

Question $14$Select one:

a$.$

The total consideration of $$600,000$ should be recognized altogether at a one point in time.

b$.$

The software license and the service should be separately recognized as two performance obligations

c$.$

The total consideration of $$600,000$ should be recognized altogether over a period of time.

d$.$

None of the above is correct.SoftTek promises to provide consulting services by extensively customizing the software to Lopez$$s information technology environment, for a total consideration of $$600,000.$ In this case, SoftTek is providing a significant service by integrating the goods and services $($the license and the consulting service$)$ into one combined item for which Lopez has contracted. In addition, the software is significantly customized by SoftTek in accordance with specifications negotiated by Lopez. Which of the following statements is most likely true regarding the given information?

Question $14$Select one:

a$.$

The total consideration of $$600,000$ should be recognized altogether at a one point in time.

b$.$

The software license and the service should be separately recognized as two performance obligations

c$.$

The total consideration of $$600,000$ should be recognized altogether over a period of time.

d$.$

None of the above is correct.