Indiana Co. began a construction project in 2021 with a contract price of $160 million to be received when the project is completed in 2023. During 2021, Indiana incurred $37 million of costs and estimates an additional $80 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Suppose that, in 2022, Indiana incurred additional costs of $65 million and estimated an additional $54 million in costs to complete the project. Indiana (Do not round your percentage calculated):

Indiana Co. began a construction project in 2021 with a contract price of $160 million to be received when the project is completed in 2023. During 2021, Indiana incurred $37 million of costs and estimates an additional $80 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. Suppose that, in 2022, Indiana incurred additional costs of $65 million and estimated an additional $54 million in costs to complete the project. Indiana (Do not round your percentage calculated):

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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