On January 1, Nathan Company enters into a contract to provide custom-made equipment to Cushing Corporation for $150,000. The contract terms allow cancellation without penalty by either party at any...

On January 1, Nathan Company enters into a contract to provide custom-made equipment to Cushing Corporation for $150,000. The contract terms allow cancellation without penalty by either party at any time prior to delivery of the goods. The contract specifies a delivery date of February 15 but the equipment was
not
delivered until February 28. The contract required full payment within 30 days after delivery. When should revenue be recognized for this contract?