Latter Corporation received an order from Murray, Inc. for electronic components. Because Murray is struggling financially, Latter

Question:

Latter received an order from Murray, Inc. for electronic components. Because Murray is struggling financially, Latter called the company and said it will get ready to fulfill the order, but it will not ship the order until payment is received by cashier's check.
Required:
Does Latter have a contract with Murray that is subject to the 5-step revenue recognition model?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...