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On June 1 2021. Emmet Property Management entered into a 2-year contract to oversee leasing and maintenance for an apartment building. The contract starts on

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On June 1 2021. Emmet Property Management entered into a 2-year contract to oversee leasing and maintenance for an apartment building. The contract starts on July 1, 2021. Under the terms of the contract. Emmet will be paid a fixed fee of $50,000 per year and will receive an additional 15% of the fed fee at the end of each year provided that building occupancy exceeds 90%. Emmet estimates a 30% chance will exceed the occupancy threshold, and concludes the revenue recognition over time is appropriate for this contract Assume that Emmet accrues revenue each month, and estimates variable consideration as the most likely amount On November 1 Emmet revises its estimate of the chance the building wil exceed the 90% occupancy threshold to a 70% chance. What is the total amount of revenue Emmet should recognize on this contract in November of 2021? Multiple Choice $305 O $406 O 3092 O $220 Summary data for Benedict Construction Co.'s (BCC) Job 1227, which was completed in 2021, are presented below. Bid price Contract cost: 2020 2021 $ 450,000 (180,000) (195,000) 75,000 Gross profit: Estimated cost to complete: 12/31/2020 12/31/2021 $200,000 3 Assuming BCC recognizes revenue upon project completion, what would gross profit have been in 2020 and 2021 (rounded to the nearest thousand)? a b. 2020 $36,000 $30,000 $70,000 $ 2021 $39,000 $45,000 $ 5,080 $75,000 Assume that Puritan Corp. operates in an industry for which NOL Carryback is allowed. Puritan Corp. reported the following pretax accounting income and table income for its first three years of operations 2020 2021 $ 350,000 (600,000) 700,000 2022 Puritan's tax rate is 25% for all years. Puritan elected a loss carryback, As of December 31, 2021. Puritan was certain that it would recover the full tax benefit of the NOL that remained after the operating loss carryback What would be the net loss in 2021 reported in Puritan's income statement? Multiple Choice O $450,000 $240,000 $460,000 O $500,000

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