Indiana Co, began a construction project in 2021 with a contract price of $164 million to be received when the project is completed in 2023. During 2021, Indiana incurred $36 million of costs and estimates an additional $87 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Indiana: Multiple Choice O Recognized $36.00 million loss on the project in 2021. Recognized no gross profit or loss on the project in 2021. Recognized $12.00 million gross profit on the project in 2021. Recognized $77.00 million loss on the project in 2021. Frasquita acquired equipment from the manufacturer on 6/30/2021 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $580,000 on 4/30/2022 to satisfy the obligation in full. If Frasquita accrued interest of $21,000 on the note in its 2021 year-end financial statements, what amount would it have recorded the equipment for on 6/30/2021? Multiple Choice $531,000. $510,000. O $545,000. O $580,000