On September 25, 2018 Phillips, Inc. sold 200,000 widgets to Allen Company at $5 per unit. Half of the units were delivered on November 15, 2018, and the remaining 100,000 units were delivered on January 20, 2019. At the time of sale Allen paid 40% of the contract price and agreed to pay the rest in equal installments on the two delivery dates. What amount of revenue should Phillips recognize from this sale in 2018? Multiple Choice $1,000,000 S700,000 S500,000