Scale Co. offers a promotional coupon with every product it sells. The coupon gives the Scale Co. customer an opportunity to buy an electric drill that normally sells for $80 for only $60 (a 25% discount). The coupon must be redeemed within one year of the purchase. Scale Co. estimates that 70% of customers will take advantage of the coupon. What is the stand-alone selling price of the coupon? 0000 $16 $18 $14 $20 Activate Windows At the beginning of 2021, the Harding Construction Company received a contract to build an office building for $5 million. Harding will construct the building according to specifications provided by the buyer, and the project is estimated to take three years to complete. According to the contract, Harding will bill the buyer in installments over the construction period according to a prearranged schedule. Information related to the contract is as follows: Construction costs incurred during the year Construction costs incurred in prior years Cumulative actual construction costs Estimated costs to complete at end of year Total estimated and actual construction costs Billings made during the year Cash collections during the year 2021 2022 2023 $1,500,000 $1,000,000 0 $1,600,000 1,500,000 2,500,000 $1,500,000 $2,500,000 $4,100,000 2,250,000 1,500,000 $3,750,000 $4,000,000 $4,100,000 $1,200,000 $2,000,000 $1,800,000 1,000,000 1,400,000 2,600,000 0 Assume the company recognizes revenue from long-term contracts over time based on the percentage of completion. How much gross profit from long-term contracts should the company recognize in 2023? $325,000 $300,000 $275,000 $250,000 Activate Windows