James Construction Corporation is a private company but it elected to apply IFRS for its financial reporting

James Construction Corporation is a private company butit elected to apply IFRS for its financial reporting. The company was contracted to constructa building for $1,650,000. James Construction Corporation initially estimated the cost of the building to be The contract provided for progress payments. Furthermore, the contract stated that the title to the asset under construction rests within the customer, even though the asset is incomplete. James Construction Corporation's accounting year ends December 31. Work began under the contract on February 1, 20x4 and was completed on April 1, 20x6. Construction activities are summarized below by year: Current cost Estimated costs to complete Pngress billings to date Cash collected to date Requir ed: 2 ox4 s 420,000 380,000 350,000 2 Oxs s 530,000 545,000 980,000 770,000 20x6 s 524,000 a. Prepare James Construction Corporation's journal entries to record events for the years 20x4 and 20x5 only. (Rounding to the nearest whole number) (15 marks) b. Assuming the customer did not take control of the asset until the building was fully constructed and title transferred, how should James Construction Corporation recognize the revenue of the long-term construction? Provide a brief explanation of that approach (do not provide any journal entry). (5 marks)