China Inc began a construction project in 2024 with a contract price of $164 million to be received when the project is completed in 2026.

During 2024, China Inc incurred $32 million of costs and estimates an additional $81 million of costs to complete the project. China Inc recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed.

China Inc Company:

Note: Do not round intermediate calculations. Present final answer in millions, to 2 decimal places.

Multiple Choice

recognized $32.00 million loss on the project in 2024.

recognized no gross profit or loss on the proiect in 2024.

recognized $83.00 million loss on the project in 2024.

recognized $14.44 million gross profit on the proiect in 2024.