8. Horner Construction Co. uses the percentage-of-completion method. In 2018, Horner began work on a contract for $22,000,000: it was completed in 2019. The following cost data pertain to this contract: 2018 2019 $7,800,000 S5,600,000 Cost incurred during the year Estimated costs to complete at the end of year 5,200,000 If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2018 and 2019 would be A$9,000,000. B) S8,60d000S(400,000). C) D) 2018 2019 SO. SO. $8,600,000 $O. $9,000,000. 9. The first step in the process for revenue recognition is to A) B) C) D) determine the transaction price. identify the contract with customers. allocate transaction price to the separate performance obligations. identify the separate performance obligations in the contract. 10. A temporary difference arises when a revenue item is reported for tax purposes in a period After it is reported in financialincome A) Before it is reported in financial income Yes B) C) D) Yes No Yes No Yes 0 No