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How much gross profit or loss should gleason recognize

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Question - Gleason Construction enters into a long-term fixed price contract to build an office building for $27,000,000. In the first year of the contract Gleason incurs $5,000,000 of cost and the engineers determined that the remaining costs to complete the project are $24,000,000. How much gross profit or loss should Gleason recognize in Year 1 assuming the use of the percentage-of-completion method?

1. $2,000,000 profit

2. $2,000,000 loss

3. $0

4. $344,828 loss

Reference no: EM132567335

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