Indiana Co. began a construction project in 2016 with a contract price of $150 million to be received when the project is completed in 2018. During 2016, Indiana incurred $36 million of costs and estimates an additional $84 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. Indiana:
A. Recognized no gross profit or loss on the project in 2016.
B. Recognized $6 million loss on the project in 2016.
C. Recognized $9 million gross profit on the project in 2016.
D. Recognized $36 million loss on the project in 2016.
Answers: 2
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