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:
Abundant Lanugo
Lanugo is the fine, soft hair that covers the body of a fetus or newborn, and having it abundantly refers to a dense coverage.
Ear Cartilage
The flexible connective tissue forming the structure of the outer part of the ear.
Flexed Body
A posture or position where joints are bent or limbs are drawn up, often seen as a natural response to discomfort or pain.
Neutral pH
A pH level of 7, indicating a substance is neither acidic nor basic but neutral.
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