Problem II: On January 15, 2020, Bella View Company enters into a contract to build custom machinery for ABC Carpet Company. The contract required full payment of $75,000 when the contract is signed. The contract was signed on January 25, 2020 and specified a delivery date of March 31, 2020. ABC Carpet made the full payment on the agreed date. The machinery was not delivered until April 5, 2020. When the revenue of this contract should be recorded? Prepare the all the required journal entries for Bella View Company. Specify the date of each entry and omit explanations. Date Accounts Title and Explanation Ref. Debit Credit Problem III: On January 1, 2020, Apple Company enters into a contract with Green Company for the sale of a digger for $480,000. The contract includes an agreement that Apple can repurchase the digger for $525,000 on or before December 31, 2020. Green pays the $480,000 on January 1. On December 31, 2020, Apple Company exercises the repurchase. Explain how Apple Company should account for the transaction and prepare all the required journal entries for 2020 on Apple Company's books. Date Accounts Title and Explanation Ref. Debit Credit