Suppose the following information for a three-year $15 million construction contract applies. 2018 2019 2020 Costs incurred in current period 4,200,000 5,600,000 8,000,000 Estimated costs to complete 5,800,000 7,700,000 0 Revenue is recognized over time. What is the gross profit (loss) recognized in 2020? 300,000 2,800,000 (300,000) 0 (2,800,000) (Bonus) Nittany Lion Company sells automobiles. The newest off-road vehicle, called the Mountain Lion, retails for $42,000. To increase sales at the end of the year, Nittany Lion company decides to include, with the purchase of a Mountain Lion, 36 months of free oil changes and a 30% discount on tire rotations that expires 12 months from the date of purchase. Nittany Lion regularly charges $240 per oil change, and customers typically have an oil change every 6 months. Nittany Lion Company regularly charges $2,400 for tire rotations. Historical trends predict that approximately 60% of customers will use the coupon for tire rotations. A customer buys a Mountain Lion on December 31, 2020 as part of the year-end sale and drives their new vehicle home. How much revenue does Nittany Lion Company recognize from the sale for the year ended December 31, 2020? $40,208 $38,260 $36,408 $42,000