Haskins, Inc. has reached an agreement with a customer, Skaife Corporation, to deliver 200 units of a customized product. The standard billing price per unit is $1,000, and there are no discounts, so Skaife Corporation will pay $200,000 in total. At the time of the agreement on April 6, Skaife

Corporation provides a $40,000 cash deposit to Haskins, Inc. Haskins agrees to deliver 120 units to Skaife Corporation on May 31 and at that time, Haskins can send an invoice for $50,000 to be paid by Skaife Corporation on June IS. The remaining 80 units are to be delivered on July IS, accompanied by an invoice for the remaining amount of the total $200,000 purchase price to be paid on July 31.

REQUIRED

Assume that Haskins, Inc. has no uncertainties about its own ability to meet the terms of the contract or about Skaife Corporation's ability and willingness to pay. Provide the journal entries to record the above events (leaving out the accounting for Haskins, Inc.'s costs).