Jack0819 wrote: It is pretty straight forward, you recognize it when it is substantially performed. In the question, it says "All services were performed by Macklin and the refund period had expired."

Thanks for responding Jack0819.
I needed to know whether or not the recognized revenue (substantially performed) should be recognized at PRESENT VALUE.  You are right...it is pretty straight forward that you recognize it--but at what value (usually)?  The answer to this question appears to make an exception...but wanted to make certain that you usually use present values.

Any help is appreciated! :-)