Stacey, Inc. has been selling widgets to businesses for many years. Some widgets are made to order and require a deposit before being made and others are sold off the shelf. Please consider each of the following sales situations experienced by Stacey, Inc. and answer the questions after each situation.

On August 3, 2018, Stacey sells $50,000 of made to order widgets that will cost $32,000 to a regular customer. The customer makes a cash deposit of $30,000 for the widgets with the remainder to be paid upon delivery of the widgets, estimated to occur on August 24. How much is deferred revenue for August 3 under the accrual basis of accounting?