Blossom Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly traded, has a May $31$ year end. On February $18,2024,$ Blossom signed a contract with Bridgeport Harvesting Ltd$.$ to design and build $25$ custom harvesters that can harvest wood at the steep grades found along many of the Pacific Coast timber stands included in Bridgeport's harvesting leases. The following events took place in $2024$ in relation to the contract: $1$ February $18$: Officials from Blossom and Bridgeport sign the contract. The contract was for $$7\mathrm{.}4$ million. Blossom is to design, manufacture, and deliver the $25$ machines to Bridgeport's operations centre in Duncan, British Columbia. Blossom's management estimates that the design component of the contract would be valued at $$571,000$ if contracted for separately, while the machine construction component of the contract would be valued at $$7\mathrm{.}3$ million if the machines were purchased separately. Blossom agrees to provide a three$-$year assurance$-$type warranty for the machines, and the company's management estimates that the warranty claims would total $$297,000$ based on past experience. Bridgeport agrees to pay a $$1,610,000$ deposit within $10$ days of signing the contract and to pay the balance within $15$ days of the equipment being delivered. $2.$ February $25$: Bridgeport pays the deposit specified in the contract. $3.$ March $28$: Blossom's engineering staff complete the equipment design and it is approved by officials from Bridgeport. $4.$ May $18$: Blossom completes construction of the $25$ harvesters. $5.$ May $20$: The $25$ harvesters are loaded onto Blossom's trucks and are delivered to Bridgeport's operation centre in Duncan later that day. $6$ June $2$: Bridgeport pays the balance owing on the contract.Show Attempt History

Current Attempt in Progress

Blossom Corp. designs and builds custom harvesting equipment for logging companies across Canada. The company, which is publicly

traded, has a May $31$ year end. On February $18,2024,$ Blossom signed a contract with Bridgeport Harvesting Ltd$.$ to design and build

$25$ custom harvesters that can harvest wood at the steep grades found along many of the Pacific Coast timber stands included in

Bridgeport's harvesting leases. The following events took place in $2024$ in relation to the contract:

February $18$: Officials from Blossom and Bridgeport sign the contract. The contract was for $$7\mathrm{.}4$ million. Blossom is to design,

manufacture, and deliver the $25$ machines to Bridgeport's operations centre in Duncan, British Columbia. Blossom's

management estimates that the design component of the contract would be valued at $$571,000$ if contracted for separately,

while the machine construction component of the contract would be valued at $$7\mathrm{.}3$ million if the machines were purchased

separately. Blossom agrees to provide a three$-$year assurance$-$type warranty for the machines, and the company's

management estimates that the warranty claims would total $$297,000$ based on past experience. Bridgeport agrees to pay a

$$1,610,000$ deposit within $10$ days of signing the contract and to pay the balance within $15$ days of the equipment being

delivered.

February $25$: Bridgeport pays the deposit specified in the contract.

March $28$: Blossom's engineering staff complete the equipment design and it is approved by officials from Bridgeport.

May $18$: Blossom completes construction of the $25$ harvesters.

May $20$: The $25$ harvesters are loaded onto Blossom's trucks and are delivered to Bridgeport's operation centre in Duncan

later that day.

June $2$: Bridgeport pays the balance owing on the contract.

$($a$1)$

Your answer is partially correct.

Determine when and how much revenue Blossom would be able to recognize for the year ended May $31,2024.($Round allocation

percentage to $2$ decimal places, e$.$g$.15\mathrm{.}25\%$ and final answers to $0$ decimal places, e$.$g$.125.)$

Revenue recognized on

$]$ $

Revenue recognized on

$