Report the renovation contraction contract revenue Required revenue in the Report Porto set of statements do you believe best reflects the recentes of Columbia Homes, Inc. for 2020n Why?. Prepare the bath and income statements that would result under each of the four approach Revenue Recognition at a Point in the versus Revenue Recognition Over time. The Market Com coaching center at a price of 5.100 million. The following schedulede Construction and the cash collections under the contract 1Prepare an income watement for the Markert Company for each year assuming that the con PS. HECK BURE Year Year Required Estimated (Actual) Costs of Construction $ 40,000,000 60.000.000 70,000,000 30,000,000 $200,000,000 Cash Collection from Custome $ 60.000.000 75.000.000 75.000.000 90.000.000 $300.000.000 recognizes revenue at a point in time, 2. Prepare an income statement for the Market Company for each year assuming that the com Tonizes revenue over time 3. Which set of income statements best reflects the actual performance of the Markert Company w P5.24 Revenue Recognition Under Long-Term Construction Contracts. In June 2018. Bonded Com Company (BCC) was hired by the City of Phoenix, Arizona, to assist in constructing its new complex. The construction agreement called for work to begin no later than August 2018 to construct the concrete frame for the complex. Under the terms of the three receive a total of 15 million in cash payments from the City of Phoenix to be when the project was 30 percent complete, 25 percent when the project remaining 50 percent, when the project was fully complete. The contre estimates be certified by an independent engineering consultants made In preparing its bid, Bonded estimated that the total com assuming no cost overruns. During the first year of the and on June 30, 2018, the engineering firm of Graham 2 30 percent completion level. (BCC's fiscal your incurred actual costs of $4.65 million, and on June that the project had attained at least a 60 percent remainder of the project. Actual costs incurred durinn The firm recived a certification for the full Required Assuming that BCC had no reported for the years ended Revenue recognition Revenue reco Report the renovation contraction contract revenue Required revenue in the Report Porto set of statements do you believe best reflects the recentes of Columbia Homes, Inc. for 2020n Why?. Prepare the bath and income statements that would result under each of the four approach Revenue Recognition at a Point in the versus Revenue Recognition Over time. The Market Com coaching center at a price of 5.100 million. The following schedulede Construction and the cash collections under the contract 1Prepare an income watement for the Markert Company for each year assuming that the con PS. HECK BURE Year Year Required Estimated (Actual) Costs of Construction $ 40,000,000 60.000.000 70,000,000 30,000,000 $200,000,000 Cash Collection from Custome $ 60.000.000 75.000.000 75.000.000 90.000.000 $300.000.000 recognizes revenue at a point in time, 2. Prepare an income statement for the Market Company for each year assuming that the com Tonizes revenue over time 3. Which set of income statements best reflects the actual performance of the Markert Company w P5.24 Revenue Recognition Under Long-Term Construction Contracts. In June 2018. Bonded Com Company (BCC) was hired by the City of Phoenix, Arizona, to assist in constructing its new complex. The construction agreement called for work to begin no later than August 2018 to construct the concrete frame for the complex. Under the terms of the three receive a total of 15 million in cash payments from the City of Phoenix to be when the project was 30 percent complete, 25 percent when the project remaining 50 percent, when the project was fully complete. The contre estimates be certified by an independent engineering consultants made In preparing its bid, Bonded estimated that the total com assuming no cost overruns. During the first year of the and on June 30, 2018, the engineering firm of Graham 2 30 percent completion level. (BCC's fiscal your incurred actual costs of $4.65 million, and on June that the project had attained at least a 60 percent remainder of the project. Actual costs incurred durinn The firm recived a certification for the full Required Assuming that BCC had no reported for the years ended Revenue recognition Revenue reco