Indiana Company began a construction project in 2024 with a contract price of $162 million to be received when the project is completed in 2026 During 2024, Indiana incurred $35 million of costs and estimates an additional $15 million of costs to complete the project indiaria recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed in 2025, Indiana incurred additional costs of $50 million and estimated an additional $38 million in costs to complete the project indiana Note: Do not round intermediate calculations Multiple Choice recognized $911 maan gross profe on the presin 2025 recognized $300 miten gross prefe on the project in 2025 od $3000 on gross profe on the project in 2025 cognited 528 50 min gress prof the project in 2025

Indiana Company began a construction project in 2024 with a contract price of $162 million to be received when the project is completed in 2026 During 2024, Indiana incurred $35 million of costs and estimates an additional $15 million of costs to complete the project indiaria recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed in 2025, Indiana incurred additional costs of $50 million and estimated an additional $38 million in costs to complete the project indiana Note: Do not round intermediate calculations Multiple Choice recognized $911 maan gross profe on the presin 2025 recognized $300 miten gross prefe on the project in 2025 od $3000 on gross profe on the project in 2025 cognited 528 50 min gress prof the project in 2025

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 88P

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