A construction company entered into a fixed-price contract to build a soccer stadium for $15,000,000. Construction costs incurred during the first year were $3,675,000, and estimated costs to complete at the end of the year were $6,825,000. The company recognizes revenue over time according to percentage of completion. Fixed-price contract amount: Construction costs incurred in first year: Estimated costs to complete at end of first year: How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? Percentage of completion at end of first year Revenue Gross profit (loss) $15,000,000 $3,675,000 $6,825,000 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your wo Nothing in this area will be graded, but it will be submitted with your assignment.

A construction company entered into a fixed-price contract to build a soccer stadium for $15,000,000. Construction costs incurred during the first year were $3,675,000, and estimated costs to complete at the end of the year were $6,825,000. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your Nothing in this area will be graded, but it will be submitted with your assignment