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PROBLEM 4: MULTIPl-uE CHOICE COMPUTATIONAL 1, George Co. enters into a contract to build an apartment for Jungle Co. for a fixed fee of ?20,000,000. At contract inception, George Co. assesses its performance obligations in the contract and concludes that it has a single performance obligation that is satisfied over time. George Co. determines that the measure of progress that best depicts its performance in the contract is input method based on costs incurred. George estimates that the total contract costs would amount to ?16,000,000 over the construction period. George incurs contract costs of ?2,000,000 during the year. How much revenue is recognized for the year? a. 2,000,000 c. 4,000,000 b. 2,500,000 (1. 0 2- On Bria}r 1, 20x1, Pressure Co. entered into a PSM fixed price contract to construct a gym for a customer. Pressure Co.