Syco Company signed a long-term contract in 20x1 to build a hydroelectric plant for the Iowa...

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Syco Company signed a long-term contract in 20x1 to build a hydroelectric plant for the Iowa Power Company for $110,000,000. Syco initially estimated cost to be $90,000,000. Cost incurred each year and estimated cost to complete at the end of each year are as follows: Cost incurred during the year 20x1 $30,000,000 20x2 27,000,000 Estimated cost to complete at year end $60,000,000 33,000,000 How much profit should the company recognize for the year ended 20x2? Syco Company signed a long-term contract in 20x1 to build a hydroelectric plant for the Iowa Power Company for $110,000,000. Syco initially estimated cost to be $90,000,000. Cost incurred each year and estimated cost to complete at the end of each year are as follows: Cost incurred during the year 20x1 $30,000,000 20x2 27,000,000 Estimated cost to complete at year end $60,000,000 33,000,000 How much profit should the company recognize for the year ended 20x2?