Contract-based approach In January 2014, McKay Construction Corp.contracted to construct a building for $6,000,000. Construction started in early 2014 and was completed in 2015.The following additional information is available: 
McKay uses the percentage-of-completion method. Instructions Under the contract-based approach,
a)How much revenue should McKay report for 2014 and 2015?
b)Prepare all journal entries for 2014 and 2015 for this contract.
Definitions:
American Call Option
A financial derivative allowing the buyer the right, but not the obligation, to buy a specific stock or asset at a predetermined price within a certain time period.
Underlying Asset
The security or asset on which a derivative contract is based, influencing its value and characteristics.
Exercise Price
The predetermined price at which an option's underlying asset can be bought or sold.
Put Option
A put option is a financial contract that gives the holder the right, but not the obligation, to sell a specified amount of an underlying asset at a set price within a specified time.
Q2: A ball is thrown from the
Q46: A plane stress element on a
Q103: The graph of the function
Q165: The declaration and issuance of a stock
Q223: Eye Corp.owned 20,000 shares of Lash Corp.,
Q266: White Resources determines that it has not
Q286: Under IFRS, which of the following is
Q356: In Venus's December 31, 2014 statement of
Q402: If the accountant forgets to record an
Q504: Asset exchange - no commercial substance Turkey