At the beginning of the year, a company entered into a long-term contract to build a facility for $40 million. Half of the construction would be completed each year for the next two years. At the beginning of the following year, the company received a second contract to construct a second facility for $80 million. This project will last four years with 30%,25%,25%, and 20% of the facility completed during the four years, respectively. If the company recognized revenue of $40 million in the second year, the method it used to account for long-term contracts was the a. completed-contract method under IFRS. b. completed-contract method under U.S. GAAP. c. percentage-of-completion method under IFRS. d. percentage-of-completion method under U.S. GAAP