Constructing and Assessing Income Statements Using Percentage of Completion to be a single performance obligation. Enter answers in millions. Do not use negative signs with answers. eBook Print Question 2 Incomplete answe Marked out of 6.67 P Flag question Analyzing Unearned Revenue Liabilities reported as deferred revenue in the consolidated balance sheets." Ticket sales are recognized as box office revenue "on a specific performance basis." \begin{tabular}{|r|c|c|} \hline \begin{tabular}{c} Fiscal year \\ ended July 31 \end{tabular} & \begin{tabular}{c} Revenues \\ (Box office and tours) \end{tabular} & Deferred revenue \\ \hline 2017 & $88,514 & $42,649 \\ \hline 2016 & 87,582 & 46,609 \\ \hline 2015 & 90,952 & 47,801 \\ \hline 2014 & 91,319 & 40,259 \\ \hline \end{tabular} Next 0 Question 3 Not yet answered Marked out of 6.67 P Flag question Accounting for Membership Fees and Rewards Program BJ's Wholesale Club Holdings, Inc. provides the following description of its revenue recognition policies for membership fees and its reward program. Performance Obligations The following data were extracted from income statement, balance sheet, and footnotes of BJ's 10-Q report for the second quarter of 2018: Deferred revenue - membership fees August 4, 2018January28,2018 Deferred revenue - membership fees $129.9$126.2 Prepare journal entries to record (1) membership fees collected in cash in the first half of fiscal year 2018 and (2) membership fee revenue recognized over that period. Note: Enter answers in millions. \begin{tabular}{|l|c|c|c|} \hline Ref. & Description & Debit & Credit \\ \hline(1) & & & \\ \hline & & & \\ \hline(2) & & & \\ \hline & & & \\ \hline \end{tabular}