A construction company entered into a fixed-price contract to build an office building for $22 million. Construction costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The building was completed during the second year. Construction costs incurred during the second year were $10 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion?

$10 million

Explanation:

Calculation for How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion

Office building $22 million

Less Construction costs incurred first year ($6 million)

Less Construction costs incurred second year ($10 million)

Revenue and gross profit or loss $10 million

(22 million-$6 million-$10 million)

Therefore How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion is $10 million

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