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Question - Lions Construction Company is a 12/31 year-end company for reporting purposes. In 2010, the Lions entered into a building contract for $200 million in downtown Fullerton. The building project was completed in 2012.
Information ($ in millions) related to the contract is as follows:
2010
2011
2012
Cost incurred during the year
$30
$50
$70
Estimated costs to complete as of year-end
$100
$80
$0
1. Assuming that Lions used the percentage-of-completion method, how much ($ in millions) is the revenue recognition in 2010?
a. 58
b. 30
c. 16
d. 46
2. Assuming that Lions used the percentage-of-completion method, how much ($ in millions) is the gross profit in 2010?
a. 70
b. 16
c. 30
d. 0
3. Assuming that Lions used the completed contract method, how much ($ in millions) is the revenue recognition in 2012?
a. 200
b. 120
c. 180
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