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please help me due due has passed !!!!! On 1 January 2020, ABCC signed a contract with a customer to construct a building for consideration
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On 1 January 2020, ABCC signed a contract with a customer to construct a building for consideration of $3,000,000 plus a bonus of $600,000 if the building is completed within 20 months. Estimated cost to construct the building were $2,250,000. On 1 January 2020 , because of factors outside its control. ABCC was not sure whether the bonus would be achieved. As on 31 December 2020 ABCC had incurred a cost of $1,500,000. they were still unsure as to whether bonus target would be met. ABCC measures progress toward completion based on costs incurred. On 31 December 2020, ABCC had billed and received $1,500,000 from the customer: Required: How should this transaction be accounted for in the year ended 31 December 2020? SHOW AEL YOUR CALCULATIONS due due has passed !!!!!
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