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Should fast builders recognize for the first year

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The City of Gunnison awarded a $5,000,000 road-construction contract to the Fast Builders Construction Company. Construction was expected to take three years. After one year, Fast Builders had incurred $625,000 of cost and was approximately 20% completed with the road. The company estimated that another $2,500,000 would be expended to complete the contract. The company is confident regarding its estimates. What amount of profit, if any, should Fast Builders recognize for the first year?

a. $0
b. $375,000
c. $500,000
d. $625,000
e. $1,000,000

 

Reference no: EM13506018

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