How to solve the BE 6-35

LO6-9 BE 6-35 V Long-term Refer to the situation described in BE 6-33. Assume that the building construction costs incurred during the second year were $10 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion? was completed during the second year, and contract; revenue recognition upon completion aeral Reu A construction company entered into a fixed-price contract to build an office building for $20 million. Construc- tion costs incurred during the first year were $6 million and estimated costs to complete at the end of the year BE 6-33 Long-term were $9 million. 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? contract; revenue recognition over time; profit recognition Red 20 At. Cost this yer. 6ac0 000 LO6-9 est