Indiana Co began a contruction project in 2021 with a contract price of $164 million to be received when the project is completed in 2023. During 2021, Indiana incurred $38 million of costs and estimates an additonal $81 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognitzes revenue over time according to the percentage of the project that has been completed Indiana Multiple Choice O o o Recognized no gross profit or loss on the project in 2021 o Recognised 55300 milion loss on the project in 2021 O Recognized $14.37 million gross proht on the project in 2021 O Recognized 538.00 mon loss on the project in 2021 Lake Power Sports colles and other powered recreational equipment Customers pay one werd of the silence of a jet ski when they inty purchase the stand then pay mother one thach year for the two years. Becaute Lake to the woman about the ability to collect these recetate, it uses the installment sales method for revice recognmon in 2020, Lake began operations and sold puts with a total price of $140.000 tot Like 5570000. Like collected $300.000 in 2020 $380,000 in 2021 and 320.000 in 2002 m.ociated with those sales in 2021. Lako sold for this with a total price of $1,800,000 that cost Like $1080.000 take collected 500.000 in 2021. 540.000 in 2022, and $410,000 in 2023 ocated with those in 2021. Like a repossessed $390,000 of jetta tut were told in 2021 Those jetikls had a far value of $2.500 at the time they were posted In 2020 se would recognize realized gross profit of Me Choice 390.000 10 5390.00 350.000