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Etisalat signed a 3-year deal to sell excess capacity on its cable network to DU company for $18 million. The deal was completed at the beginning of...

Etisalat signed a 3-year deal to sell excess capacity on its cable network to DU company for $18 million. The deal was completed at the beginning of Dec. 1, 2009. Etisalat received the full amount from DU on that day. Etisalat decided to recognize "Revenue" of $18 million for the financial year just ended on Dec. 31. 2009. Do you agree with Etisalat? Explain. If you don't agree, explain how Etisalat should recognize this contract.

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