Question
Indiana Company began a construction project in 2024 with a contract price of $161 million to be received when the project is completed in 2026.
Indiana Company began a construction project in 2024 with a contract price of $161 million to be received when the project is completed in 2026. During 2024, Indiana incurred $32 million of costs and estimates an additional $81 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: Note: Do not round intermediate calculations. Present final answer in millions, to 2 decimal places.
Recognized $13.59 million gross profit on the project in 2024
Recognized $32.00 million loss on the project in 2024
Recognized no gross profit or loss on the project in 2024
Recognized $80.00 loss on the project in 2024
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started