5 Indiana Company began a construction project in 2024 with

Last updated: 10/2/2023

5 Indiana Company began a construction project in 2024 with a contract price of 163 million to be received when the project is completed in 2026 During 2024 Indiana incurred 38 million of costs and estimates an additional 85 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 1 28 22 In 2025 Indiana incurred additional costs of 56 million and estimated an additional 38 million in costs to complete the project Indiana Note Do not round intermediate calculations Multiple Choice recognized 9 72 million gross profit on the project in 2025 recognized 9 00 million gross profit on the project in 2025