Refer to the situation described in BE 5-8. How much revenue, cost, and gross profit will the company recognize in the first and second year of the contract applying the cost recovery method that is required by IFRS?
In BE 5-8, Refer to the situation described in BE 5-6. The building was completed during the second year. Construction costs incurred during the second year were $10 million. How much gross profit will the company recognize in the first year and in the second year applying the completed contract method?