On January 1, 2019, LeMoyne Construction Company signs a contract to build an office building for Franklin Corporation for $10 million. Franklin remits $1 million to LeMoyne upon signing the contract, $5 million when the foundation and all outside components are complete, and $4 million upon full completion. Franklin must pay LeMoyne an additional $100,000 if all construction is completed by July 31, 2020.

Required:

Apply the 5-step revenue recognition model to determine when revenue should be recognized by LeMoyne.