Deferred Revenue Recognition

I am not new to JDE however Sales and Finance are modules recently added to my growing plate so please be patient if my initial inquiry and future response(s) are lacking.

We are looking to include the sale of an extended warranty on our products however we are only able to recognize a portion of the revenue from the sale of the warranty each month.

Ex. If we sell a product for $100 with a 12 month extended warranty for $60, we can recognize the sale of the asset for $100 however we can only recognize 1/12 of the extended warranty revenue each month ($5). Customer would pay the entire $160 at point of sale.