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On December 31, 20x5, you enter into a three-year contract to build an office building for $18,390,164.56. At the end of 20x6, you incurred $5,191,387.62
On December 31, 20x5, you enter into a three-year contract to build an office building for $18,390,164.56. At the end of 20x6, you incurred $5,191,387.62 of costs and expect to incur an additional $8,994,496.04 to complete the contract.
How much revenue will you realize on this contract in 20x6?
a. $10,614,321.49
b. $4,204,280.90
c. $1,538,575.41
d. $6,729,963.03
Please do not copy from chegg otherwise i have to report the answer. Explain the answer throughly with showing each step of the calculation.
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