When should gemstone recognize revenue

Reference no: EM133611024

Question: On February 1, 2021, Gemstone Inc. entered into a contract to deliver one of its specialty machines to Johnson Utilities The contract requires Johnson to pay the contract price of $5,000 in advance on February 15, 2021. Johnson pays Gemstone on February 15, 2021, and Johnson delivers the machine (with cost of $2,600) on February 26, 2021 and Johnson starts using the Machine on March 2, 2021. When should Gemstone recognize revenue?

Reference no: EM133611024

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