On October 1, 2008, Hawkeye Company sold 100,000 gallons of heating oil to Johnson Co. at $3 per gallon, On December 15, 2008, 50,000 gallons were delivered, and the remaining 50,000 gallons were delivered on January 15, 2009, Payment terms were: 50% due on October 1, 2008;
25% due on first delivery; and the remaining 25% due on final delivery.
Required:
What amount of revenue should Hawkeye recognize from this sale during 2008 on an accrual basis?