Business, 16.10.2020 20:01 jess7kids

On December 31, 2019, Mass Construction Inc. signs a contract with the state of Massachusetts Department of Transportation to manufacture a bridge over the Merrimack. Mass Construction anticipates the construction will take three years. The company's accountants provide the following contract details relating to the project: Contract price $520 million
Estimated construction costs $300 million
Estimated total profit $220 million

During the three-year construction period, Tri-State incurred costs as follows:

2020 $60 million
2021 $150 million
2022 $90 million

Tri-State uses the percentage of completion method to recognize revenue. Which of the following represent the profits recognized in 2020, 2021, and 2022?

a. $52 million, $312 million, $156 million
b. $12 million, $72 million, $36 million
c. $140 million, $140 million, $140 million
d. $30 million, $180 million, $90 million
e. None of the above

Answers: 3

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On December 31, 2019, Mass Construction Inc. signs a contract with the state of Massachusetts Depart...

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