Ace Construction Company is under contract to build an athletic facilty for a local college for $15,000,000. The facility is going to be built on campus (i.e. on land that the college owns.) The...

Ace Construction Company is under contract to build an athletic facilty for a local college for $15,000,000.  The facility is going to be built on campus (i.e. on land that the college owns.)  The college is under obligation to pay for any work completed even if the contract is canceled.

Should the revenue be recognized over a period of time or a point in time?  Explain why.