Irrent Attempt in Progress

Bradford Construction Ltd$.$ submitted a $$14\mathrm{.}5-$million sealed bid for a fixed$-$price roads contract with the local municipality.

Historically, Bradford is awarded $20\%$ of the contracts on which it submits sealed bids. Assume that the sealed bid for the road

contract was submitted on December $28,2023,$ that Bradford has a calendar year end, and that the annual financial statements are

issued in late February $2024.$ The bidding process closed on January $2,2024,$ the award of the contract was announced on January $15,$

$2024,$ and the construction work will start in March $2024.$ Using the three$-$step analysis for determining whether the fundamental

characteristics of useful information are present, determine what, if anything, should be recognized concerning this information in

Bradford's December $31,2023$ financial statements under the following conditions. Be specific about the timing of any recognition.

Bradford is awarded the contract on January $15,2024.$

B

B