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Chocolate Co. enters into a contract to delivery chocolate to the Factory on January 1, 2020. The Factory agrees to pay the full price of

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Chocolate Co. enters into a contract to delivery chocolate to the Factory on January 1, 2020. The Factory agrees to pay the full price of $3,000 on February 1, 2020. The cost of goods is $ 1,400. Chocolate Co. delivers the chocolate to the Factory on January 1, 2020 and receives payment on February 1, 2020. Prepare the journal entries for Chocolate Co. related to this contract on January 1, 2020 and February 1, 2020

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