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 $5 million of costs to complete the project indiana 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 $59 million and estimated an additional $38 million in costs to complete the project indiana Note: Do not round intermediate calculations. Multiple Choice O recognized $9 milion gross profe on the pen 2025 recognized $300 million gross profe on the project in 2025 coged $3000 on gress profe on the act in 2025 egited 529 50 milion gress prn the 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 $5 million of costs to complete the project indiana 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 $59 million and estimated an additional $38 million in costs to complete the project indiana Note: Do not round intermediate calculations. Multiple Choice O recognized $9 milion gross profe on the pen 2025 recognized $300 million gross profe on the project in 2025 coged $3000 on gress profe on the act in 2025 egited 529 50 milion gress prn the 2025
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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 Indians incurred $35
million of costs and estimates an additional $85 million of costs to complete the project Indiana 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 $59 million and estimated an additional $38 million in costs to complete the project indiana
Note: Do not round intermediate calculations.
Multiple Choice
recognized $911 milion gross profe on the project 2025
recognized $300 million gross profit on the project in 2025
coged $3000 mon gross profe on the project in 2025
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