Halsey Building Company signed a contract to build an office building for $40,000,000. The scheduled construction costs follow.

The building should be completed in 2021.

For each year, compute the revenue, expense, and gross profit reported for this construction project under each of the following assumptions:

a. Halsey's performance obligation to build the office building is fulfilled as construction proceeds, and the cost incurred is an accurate reflection of the value transferred to the customer.

b. Halsey's contract docs not transfer ownership rights to the customer until the building is completed.

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Year Cost 2019 $ 9,000,000 2020 15,000.000 6,000,000 2021 Total. $30.000.000