014-Na Indiana Co. began a construction project in 2013 that will provide it $150 million...
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014-Na Indiana Co. began a construction project in 2013 that will provide it $150 million when it is completed in 2015. During 2013, Indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. In 2014, Indiana incurred costs of $58.5 million and estimated an additional $40.5 million in costs to complete the project. Using the percentage-of-completion method, Indiana: A. Recognized $15 million gross profit on the project in 2014. B. Recognized $13.5 million gross profit on the project in 2014. C. Recognized $6 million gross profit on the project in 2014. Recognized $1.5 million gross profit on the project in 2014
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