Wilco Inc. uses the percentage of completion method to recognize revenues. In 2023, Wilco enters into a $100 million ship building contract with Seminole Seas Corporation. Wilco expects it will take 5 years to complete the new ship. On December 31, 2023, Wilco reports the following regarding the Seminole Seas project: Progress Billings $20,000,000 Costs Incurred $25,000,000 Collections $19,750,000 Est. Remaining Costs $55,000,000 Est. Remaining Time 48 months (4 years) How much revenue should Wilco recognize on December 31, 2022? $100,000,000 $31,250,000 $20,000,000 Some Other Answer O $25,000,000 Wilco Inc. enters into an agreement with Seminole corporation to publish accounting textbooks. If the textbooks are printed and delivered within 90 days, Wilco will be paid $500,000. There is a $100,000 penalty for each month the books are late. Wilco estimates that there is an 30% chance of delivering the textbooks within 90 days, a 40% chance that the books will be delivered within 91- 120 days (1 month late), and 20% chance that the books will be delivered within 121-150 days (2 months late), and a 10% chance of the books being delivered in 151-180 days (3 months late). If -Wilco recognizes income using the expected value approach, how much revenue should Wilco recognize? O $390,000 $400,000 $100,000 $500,000 Some Other Answer Wilco acquires a 90% interest in Seminole Corporation on January 1, 2022, for $900,000. The book value of Seminole's identifiable net assets at that date was $800,000. Seminole reports $100,000 of net income in 2022 and paid $30,000 in dividends. What is the noncontrolling interest in net assets for 2022? Some Other Answer O $100,000 $863,000 $800,000 $107,000