Cheap Buyers Inc. sells its products to its customers using the shipping terms, Free On Board (FOB) Shipping Point. On December 31, 2020, it ships $14,000 for its products to Expensive Buyer. The products arrive at Expensive Buyer on January 3, 2021.

Required:

1. When can Cheap Buyers record the $14,000 as revenue?
2. When can Expensive Buyer record the $14,000 as Inventory?
3. Which Company must pay the $600 to the trucking company?
4. Which Company should pay for the insurance while it is in the truck?