Question: 12. Bruner Constructors, Inc. has consistently used the percentage-ofcompletion method of recognizing income. In 2018, Bruner started work on a $49,000,000 construction contract that was

12. Bruner Constructors, Inc. has consistently used the percentage-ofcompletion method of

recognizing income. In 2018, Bruner started work on a $49,000,000 construction contract

12. Bruner Constructors, Inc. has consistently used the percentage-ofcompletion method of recognizing income. In 2018, Bruner started work on a $49,000,000 construction contract that was completed in 2019. The following information was taken from Bruner's 2018 accounting records: Progress billings $15,400,000 Costs incurred 14,700,000 Collections 9,600,000 Estimated costs to complete 29,400,000 What amount of gross prot should Bruner have recognized in 2018 on this contract? a. $4,900,000 b. $3,266,667 0. $2,450,000 d. $1,633,333

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