In the month of March the Chester Corporation received and delivered orders of 159,000 units at a price of $15.00 for revenue of $2.385mil for their product Cell. Chester uses the accrual method of accounting and offers 30 day credit terms. By the end of May Chester had collected payments of $2.385mil for the March deliveries. How much of the collected $2.385mil should Chester show on the March 31st income statement and how much on the May 31st income statement?

Select: 1

$1.192mil in March; $1.192mil in May

$0.787mil in March; $1.598mil in May

$2.385mil in March; $0 in May

$0 in March;

$2.385mil in May