Return to course GH BE 39 Navigation Finish attempt... Question 1 Incorrect Mark 0.00 out of 2.00 P Flag question Computing Income Statement Effect of Revenue Recognition on Long-Term Construction Contract On January 1, 2020, BuilderOne Inc. enters into a contract with a customer to redesign and update an office building for a price of $1,920,000. The construction is estimated to take three years at a total estimated cost of $1,600,000. Costs incurred in 2020 total $320,000. Determine the revenue and expense amounts to be recognized in the income statement in 2020 assuming that the company appropriately recognizes revenue at a point in time. Total revenue recognized in 2020 $ 640,000 x Total expense recognized in 2020 $ 1,600,000 * Check You have correctly selected 0. Incorrect MacBook Pro