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In the month of March the Baldwin Corporation received and delivered orders of 160,000 units...

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Accounting

In the month of March the Baldwin Corporation received and delivered orders of 160,000 units at a price of $15.00 for revenue of $2.400mil for their product Beetle. Baldwin uses the accrual method of accounting and offers 30 day credit terms. By the end of May Baldwin had collected payments of $2.400mil for the March deliveries. How much of the collected $2.400mil should Baldwin show on the March 31st income statement and how much on the May 31st income statement?
Select: 1
$0.792mil in March; $1.608mil in May
$2.400mil in March; $0 in May
$1.200mil in March; $1.200mil in May
$0 in March; $2.400mil in May

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