Belgium Co. is constructing a tunnel for 800 million. Construction began in 2013 and is estimated to
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Belgium Co. is constructing a tunnel for 800 million. Construction began in 2013 and is estimated to be completed in 2018. At December 31, 2015, Belgium has incurred costs totaling 267 million with 64 million of that incurred in 2015, 107 million in 2014, and 128 million in 2013. Belgium received 356 million in total progress payments to date but future activity is tenuous and its cost numbers are highly uncertain. What amount of revenue should Belgium Co. recognize for the year ended December 31, 2013?
A. No revenue should be recognized until the contract is completed in 2016.
B. 356 million.
C. 271 million.
D. 85 million.
Related Book For
Calculus Early Transcendentals
ISBN: 978-0321947345
2nd edition
Authors: William L. Briggs, Lyle Cochran, Bernard Gillett
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