If u may please explain as well from where to get the numbers or inputs

Step 1 Identify the Contract With Customers (cont.) Example: On March 1, 2014, Margo Company enters into a contract to transfer a product to Soon Yoon on July 31, 2014. The contract is structured such that Soon Yoon is required to pay the full contract price of $5,000 on August 31, 2014.The cost of the goods transferred is $3,000. Margo delivers the product to Soon Yoon on July 31, 2014. What journal entries should Margo Company make in regards to this contract in 2014? Mar. 1, 2014 No Entr7