Flin Flon Company enters into a contract on April 3, 2021, with Thompson Industries to supply 5,000 microprocessors at a price of $7 each, terms n/30. The microprocessors cost Flin Flon $3 each. The microprocessors will be delivered to Thompson on June 3, 2021. Flin Flon has a three-month return policy and estimates that 5% of the goods will be returned. Flin Flon is confi dent that Thompson will pay any amounts owing. The goods are delivered on June 3, 2021, and Thompson pays the amount owing on July 3, 2021. Using the revenue recognition model for the contract-based approach, identify the contract, the performance obligation(s), and the transaction price. On what date will Flin Flon recognize revenue? How much revenue will be recognized on this date?