Gleim Inc. enters into a $300,000 contract for the purchase of customized equipment with Becker Inc. The construction of the equipment is expected to take two years. Gleim, Inc. owns the work in process during the two-year period but will not take possession of the equipment until completed. The contractor will bill Gleim monthly for performance completed to date. After year-one, Becker Inc. incurred costs of $120,000 and expects remaining costs to be $108,000. Becker Inc. has billed Gleim $150,000 in total for the year. Jamestown has paid $135,000 to Bennington Inc. Determine the amount of revenue and expenses that Bennington Inc. should recognize in the first year of the contract.
Revenue
Expenses

Asmall town wants to build some new recreational facilities. the proposed facilities include a swimming pool, recreation center, basketball court and baseball field. the town council wants to provide the facilities which will be used by the most people, but they face budget and land limitations. the town has $400,000 and 14 acres of land. the pool requires locker facilities which would be in the recreation center, so if the swimming pool is built the recreation center must also be built. also, the council has only enough flat land to build the basketball court or the baseball field. the daily usage and cost of the facilities (in $1,000) are shown below. which facilities should they build? facilityusagecost ($1,000)landswimming pool4001002recreation center5002003basketball court3001504baseball field2001005