Special Limited Is in the Business of Producing and Distributing

Special Limited is in the business of producing and distributing special screenings on various topics.
On 1 January 2014, Special granted a license to TV 101 for $250 000 in relation to a special titled "The Big Ice". The following conditions were attached to the license:
• TV 101 was allowed to show the special once only within the 2014 calendar year.
• TV 101 could choose the date and time of the screening.
The documentary was delivered to TV 101 on 1 January 2014. TV 101 screened the documentary on 30 March 2014. The $250 000 fee was paid to Special on 30 March 2014.


Special should recognise revenue as follows:

A) Recognise the $250 000 on 1 January 2014.
B) Recognise the $250 000 evenly over the 2014 calendar year.
C) Recognise the $250 000 on 30 March 2014 (the date of screening)
D) Recognise the $250 000 on 31 December 2014.