Wildhorse Corp, designs and builds custom harvesting equipment for logging companies across Canada, The company, which is publicly traded, has a May 31 year end, On February 18, 2024, Wildhorse signed a contract with Indigo Harvesting Ltd, to design and build 25 custom harvesters that can harvest wood at the steep grades found along many of the Pacific Coast timber stands included in Indigo's harvesting leases. The following events took place in 2024 in relation to the contract: 1. February 18: Officials from Wildhorse and Indigo sign the contract. The contract was for $7,2 million. Wildhorse is to design, manufacture, and deliver the 25 machines to Indigo's operations centre in Duncan, British Columbia. Wildhorse's management estimates that the desin component of the contract would be valued at $516,000 if contracted for separately, while the machine construction component of the contract would be valued at $7.1 million if the machines were purchased separately. Wildhorse agrees to provide a three-year assurance-type warranty for the machines, and the company's management estimates that the warranty claims would total $294,000 based on past experience. Indigo agrees to pay a $1,610,000 deposit within 10 days of signing the contract and to pay the balance within 15 days of the equipment being delivered, 2. February 25 : Indigo pays the deposit specified in the contract. 3. March 28: Wildhorse's engineering staff complete the equipment design and it is approved by officials from Indigo. 4. May 18: Wildhorse completes construction of the 25 harvesters. 5. May 20: The 25 harvesters are loaded onto Wildhorse's trucks and are delivered to Indigo's operation centre in Duncan later that day. 6. June 2: Indigo pays the balance owing on the contract. Determine when and how much revenue Wildhorse would be able to recognize for the year ended May 31, 2024, (Round allocation percentage to 2 decimal places, e.g. 15.25% and final answers to 0 decimal places, e.g. 125.) Revenue recognized on Revenue recognized on Wildhorse Corp, designs and builds custom harvesting equipment for logging companies across Canada, The company, which is publicly traded, has a May 31 year end, On February 18, 2024, Wildhorse signed a contract with Indigo Harvesting Ltd, to design and build 25 custom harvesters that can harvest wood at the steep grades found along many of the Pacific Coast timber stands included in Indigo's harvesting leases. The following events took place in 2024 in relation to the contract: 1. February 18: Officials from Wildhorse and Indigo sign the contract. The contract was for $7,2 million. Wildhorse is to design, manufacture, and deliver the 25 machines to Indigo's operations centre in Duncan, British Columbia. Wildhorse's management estimates that the desin component of the contract would be valued at $516,000 if contracted for separately, while the machine construction component of the contract would be valued at $7.1 million if the machines were purchased separately. Wildhorse agrees to provide a three-year assurance-type warranty for the machines, and the company's management estimates that the warranty claims would total $294,000 based on past experience. Indigo agrees to pay a $1,610,000 deposit within 10 days of signing the contract and to pay the balance within 15 days of the equipment being delivered, 2. February 25 : Indigo pays the deposit specified in the contract. 3. March 28: Wildhorse's engineering staff complete the equipment design and it is approved by officials from Indigo. 4. May 18: Wildhorse completes construction of the 25 harvesters. 5. May 20: The 25 harvesters are loaded onto Wildhorse's trucks and are delivered to Indigo's operation centre in Duncan later that day. 6. June 2: Indigo pays the balance owing on the contract. Determine when and how much revenue Wildhorse would be able to recognize for the year ended May 31, 2024, (Round allocation percentage to 2 decimal places, e.g. 15.25% and final answers to 0 decimal places, e.g. 125.) Revenue recognized on Revenue recognized on