Answer:
$640,000 must be recognized by mckinnon enterprises from its season ticket sales through the end of April 2018.
Explanation:
IFRS 15 requires Revenue to be recognized when control related to goods or services is transferred to the customer.
Sales of tickets received of $960,000 cash. Is a Deferred Revenue since control has not yet been transferred to the customers.
Revenue is recognized over time with each game played (hence transfer of control).
A total of 30 games are expected from the season ( five home games occurring monthly over the next six months).
By the end of April, 30 the games played are 4× 5 = 20.
Thus the Amount of Revenue to be recognised is:
=20/30× $960,000
=$640,000
