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Indiana Company began a construction project in. 2024 with a contract price of $162 million...

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Accounting

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Indiana Company began a construction project in. 2024 with a contract price of $162 million to be recelved when the project is completed in 2026 . During 2024. Indiana incurred $34 milion of costs and estimates an additonal $95 million of costs to complete the project. Indiana recognizes revenue over time and for this project recognizes revenue over time occording to the percentage of the project that has been completed. In 2025, Indiana incurred additional costs of $54 million and estimated an additional $36 million in costs to compiete the project. Indiano: Note: Do not round intermediate calculations. Multipe Choice 1ecognated 5900 milian gross profn on the project in 2025. iecognited 12050 milion gress profa on the project in 2025. recognaed 531000 milion gross profit on the project in 2025 iecognired 5 ts 58 milion gloss profit on the preject in 2025

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