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On March 15, 2016,New AgeCompany enters into a contract to build custommachinery forMichaels Company. The contract specified a delivery date ofMay 1. Themachinery was shipped

On March 15, 2016,New AgeCompany enters into a contract to build custommachinery forMichaels Company. The contract specified a delivery date ofMay 1. Themachinery was shipped on May 15 butnot delivered until May 31. The contract payment terms are Net30 FOB destination and the price ofmachinery is$125,000.Revenue from thiscontract should be

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