Iron Corporation is constructing an office building under contract for Coal Corp. The contract calls for progress billing and payments of $620,000 each quarter. The total contract price is $7,440,000 and from Corporation estimates total cost of $7,100,000. Iron Corporation estimates that the building will take three years to complete, and commence construction on Jan. 2^nd , 2010.

At December, 31 2010, Iron Corp. estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from Long-Term contracts recognized fro 2010?

What is the second number in the value of the revenue that should be recognized (2010)?

Revenue (not Gross Profit) (to be recognized) => second number

A) number => 0 or 1

B) number => 2 or 3

C) number => 4 or 5

D) number => 6 or 7

E) number => 8 or 9