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 $2,400,000. The construction is estimated to take three years at a total estimated cost of $2,000,000. Costs incurred in 2020 total $400,000. 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. 480,000 * Total revenue recognized in 2020 $ Total expense recognized in 2020 $ 400,000 X

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Income Statement

Income Statement also commonly called a profit and loss statement, one of the key financial statements (considered together with balance sheet and cash flow statement) which shows the revenues and expenses, as well as the gains and losses of a company for a given period. In other words, it presents the financial performance/profitability of a business over a specified accounting period.