3. At contract inception, Friedland Co. assessed the contract in accordance with the principles of PFRS 15 and concluded that it has a single performance obligation that is satisfied over time. Friedland Co. determined that the appropriate measure341 of its progress on the contract is input method based on costs incurred. How much are the gross profit, revenue and cost of construction recognized in 20x2, respectively? Gross profit Revenue Cost of construction a. 700,000 7,000,000 6,300,000 b. 920,000 6,000,000 5,080,000 C. 800,000 5,500,000 4,700,000 d. 920,000 6,200,000 5,280,000 The performance obligation is satisfied over time. However, Friedland Co. cannot reasonably measure the outcome of the performance obligation but expects to recover all contract costs incurred. How much are the gross profit, revenue and cost of construction recognized in 20x2, respectively? . Gross profit Revenue Cost of construction a. 0 0 0 b. 0 3,920,000 3,920,000 C. 0 Thin 5,080,000 5,080,000 d. (420,000) 0 0 5. At contract inception, Friedland Co. assessed the contract in accordance with the principles of PFRS 15 and concludes that it has a single performance obligation that is satisfied at a point in time, which is when the construction is completed and legal title over the constructed building is transferred to the customer. How much are the gross profit, revenue and cost of construction recognized in 20x2, respectively? Gross profit Revenue Cost of construction a. 0 0 b. 0 3,920,000 3,920,000 C. 0 809 2,400,000 2,400,000 d. (420,000) 0 0