Indiana Co. began a construction project in 2011 that will provide it $164 million when it is completed in 2013. During 2011, Indiana incurred $34 million of costs and estimates an additional $86 million of costs to complete the project. (Do not round your percentage calculated.) Using the percentage-of-completion method, Indiana: Recognized no gross profit or loss on the project in 2011. Recognized $34.00 million loss on the project in 2011. Recognized $12.47 million gross profit on the project in 2011. Recognized $78.00 million loss on the project in 2011