E6-28. Contract Assets and Liabilities Haskins, Inc. has reached an agreement with a customer, Skaife Corporation, to deliver 200 units of a customized product. The standard billing price per unit is $1,000, and there are no discounts, so Skaife Corporation will pay $200,000 in total. At the time of the agreement on April 6, Skaife Corporation provides a $40,000 cash deposit to Haskins, Inc. Haskins agrees to deliver 120 units to Skaife Corporation on May 31 and at that time, Haskins can send an invoice for $50,000 to be paid by Skaife Corporation on June 15. The remaining 80 units are to be delivered on July 15, ac- companied by an invoice for the remaining amount of the total $200,000 purchase price to be paid on July 31. REQUIRED Assume that Haskins, Inc. has no uncertainties about its own ability to meet the terms of the con- tract or about Skaife Corporation's ability and willingness to pay. Provide the journal entries to record the above events (leaving out the accounting for Haskins, Inc.'s costs). E6-28. Contract Assets and Liabilities Haskins, Inc. has reached an agreement with a customer, Skaife Corporation, to deliver 200 units of a customized product. The standard billing price per unit is $1,000, and there are no discounts, so Skaife Corporation will pay $200,000 in total. At the time of the agreement on April 6, Skaife Corporation provides a $40,000 cash deposit to Haskins, Inc. Haskins agrees to deliver 120 units to Skaife Corporation on May 31 and at that time, Haskins can send an invoice for $50,000 to be paid by Skaife Corporation on June 15. The remaining 80 units are to be delivered on July 15, ac- companied by an invoice for the remaining amount of the total $200,000 purchase price to be paid on July 31. REQUIRED Assume that Haskins, Inc. has no uncertainties about its own ability to meet the terms of the con- tract or about Skaife Corporation's ability and willingness to pay. Provide the journal entries to record the above events (leaving out the accounting for Haskins, Inc.'s costs)