3. B&B Contractors began a contract to build a new student union on the University of Texas at Dallas (UTD) campus during Year 1 for $990,000. Information concerning the project follows: Percentage of work completed Costs incurred during the year Progress billings during the year Cash collected during the year Year 1 20% A. $330,000 B. $990,000 C. $247,500 D. $198,000 $189,000 180,000 150,000 Year 2 35% $273,000 390,000 370,000 Year 3 45% $198,000 420,000 470,000 How much revenue should B&B Contractors recognize during Year 1 if B&B uses the Revenue Recognition Over Time approach?

3. B\&B Contractors began a contract to build a new student union on the University of Texas at Dallas (UTD) campus during Year 1 for $990,000. Information concerning the project follows: How much revenue should B\&B Contractors recognize during Year 1 if B&B uses the Revenue Recognition Over Time approach? A. $330,000 B. $990,000 C. $247,500 D. $198,000