William Leo recently purchased a Supreme Multi Boiler from DallaCorte store. William paid $2,000 as a cash deposit on the Multi Boiler. The Multi Boiler costs DallaCorte $20,000 and has a total retail price of $35,000. DallaCorte has set the Multi Boiler aside pending to install the customized equipment to the Multi Boiler. DallaCorte does not require its customers to enter into an instalment note or other fixed-payment commitment or agreement when the initial deposit is received. Merchandise generally is not released to the customer until the customer pays the full purchase price. If the customer fails to pay the remaining purchase price, the customer forfeits his or her cash deposit. In the event the merchandise is lost, damaged, or destroyed, DallaCorte either must refund the cash deposit to the customer or provide replacement merchandise. When should DallaCorte recognize the revenue from the sale to William? Prepare the appropriate journal entries on DallaCortes books to record the receipt of the cash and the subsequent delivery of the Multi Boiler when the remaining balance is collected. Assume that DallaCorte uses the perpetual inventory method