Read and review your previous studies on construction contracts and lessor accounting and answer the following questions:

1. What is/are the revenue recognition recognition requirements for 1) construction contracts); 2) rentals of property?
2. What are the recognition and measurement requirements for assets and/or liabilities in connection with 1) construction contracts; 2) rentals of property?

Take note that your perspective here is on the construction firm or lessor. All possible scenarios must be covered.