On January $1,2009$ Slowpay Company makes a verbal commitment to buy a $$150,000$ piece of equipment. $($On January $5$ the contract is signed.$)$ A $$1,000$ down payment is paid on January $5$ and the machine is delivered on January $11.$ The balance owed is due on February $15,$ but Slowpay waits until March $10$ to pay. When will the firm that sold the equipment to Slowpay recognize the sale as income under GAAP rules?

On January $10,$ when Slowpay takes possession.

On January $1,$ when the commitment is made.

On February $15,$ when the payment is due.

On March $10,$ when payment is received.

On January $5,$ when the contract is signed.