GMM Company is a wholesale food distributor to retail grocers. On April 1, the company entered into a

contract to sell specified quantities of two products, salt and pepper. The companys usual standalone

selling prices for each product when sold separately are $1,200 for the salt and $1,800 for the pepper.

However, GMM agreed to a $2,400 contract price because the buyer is a customer of longstanding.

The contract required delivery of the salt on April 8 and the pepper on April 15. It further stipulated that GMM could not bill any of the contract price until both shipments had been delivered, at which time the $2,400 would be payable in full. Thus, billing was conditioned on full performance.

In applying FASB ASC 606, GMM judged each of the two required deliveries to be a separate performance obligation for purposes of revenue recognition. Both were made as scheduled, so GMM presented a $2,400 invoice upon the second delivery and received the customers full payment for that amount.

RequiredPrepare the journal entry(s), if any, that GMM should have recorded on April 1, April 8, and

April 15 (ignoring the costs of the salt and pepper to GMM) under FASB ASC 606.