Indiana co start a construction project in 2006 that will

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Reference no: EM13459723

Indiana Co. began a construction project in 2006 that will provide it $150 million when it is completed in 2008. During 2006, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project.

Using the percentage-of-completion method, Indiana:

Recognized no gross profit or loss on the project in 2006.
Recognized $6 million loss on the project in 2006.
Recognized $9 gross profit on the project in 2006.
Recognized $36 million loss on the project in 2006.

Reference no: EM13459723

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