On March 1, 2020, CopyTech Ltd. entered into a contract with Island University to sell it two high speed commercial copy machines that are to be delivered and installed at the University's print shop. The contract also stipulates that CopyTech will provide five days of on-site training for the University's print shop employees on how to use and service the machines. Details of the contract are as follows: The total price of the contract - $78,000. The commercial photocopiers can be purchased separately from CopyTech for $39,000 each. Delivery and installation are included in this price. CopyTech normally charges $3,250 for the five-day on-site training sessions. The contract requires CopyTech to deliver the machines to Island University's print shop by March 31, 2020. The on-site training is to be completed by April 17, 2020. Island University agrees to pay the full contract price on delivery of the two machines. CopyTech delivered the copy machines on March 26, 2020 and installed them the same day. Island University made the required payment on April 5, 2020. The training of the print shop staff was completed on April 10, 2020. Required: Using the five-step model for revenue recognition, determine how much revenue Copy Tech would be able to recognize for the month of March 2020. Show your calculations and provide a brief explanation for your answer. No journal entries are required. (2 marks - 10 minutes)