Business, 30.10.2019 20:31 leo4687

Hollywood construction company recognizes revenue over time according to percentage of completion for its long-term construction contracts. during 2016, hollywood began work on a $3,000,000 fixed-fee construction contract, which was completed in 2019. the accounting records disclosed the following data at year-end: cumulative contract costs incurred estimated costs to complete at end of year 2016 $200,000 $1,800,000 2017 1,100,000 1,100,000 2018 2,000,000 400,000 for the 2018 year, hollywood should have recognized gross profit on this contract of:
a. $100,000
b. $500,000
c. $266,667
d. $225,000

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