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How much did MMC expect to spend

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Question - MMC contracted to build a new football stadium for a price of $40,000,000 at the start of 2017. During 2017 they incurred total costs of $10,000,000 and during 2018 additional costs of $15,000,000. At the end of 2018, before any adjusting entries are made to recognize revenue/costs on this project for the year ended 2018, the Construction in Progress account has a debit balance of $27,500,000. How much did MMC expect to spend to finish the football stadium at the end of 2017 (i.e.., estimated additional costs at the end of 2017)?

Reference no: EM132482961

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