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Question - Fletcher steel company is constructing a bridge at a fixed price of $15 million over three years. The customer remains in control of the bridge throughout the contract. The expected costs and billings are provided below.
Year
1
2
3
Expected Cost
4,000,000
4,500,000
3,500,000
Billings
5,000,000
What is the revenue Fletcher steel company should recognize in year 2? (assume percentage of completion can be reliably estimated)
A. 5,625,000
B. 4,375,000
C. 1,000,000
D. 15,000,000
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