Question: Hi, I need help with this practice questions. Can you please provide the answers and an explanation with any calculative questions. Thanks in advance. Q3)

Hi, I need help with this practice questions. Can you please provide the answers and an explanation with any calculative questions. Thanks in advance.

Hi, I need help with this practice questions. Can you please provide

Q3) Mickey signs a contract on 30 June 20x3, agreeing to build a bridge for Mouse. Mouse will be in control of the asset throughout the construction process. Fixed contract price $43,000,000 At the beginning of the project, Mickey estimates that total cost to complete this contract is: $30,000,000 Mickey uses the percentage of completion method based on cost inputs to account for its construction contracts. Assume all estimates are reliable. Please round your calculation to nearest whole number. The following information relates only to the construction of this bridge: 20x4 20x5 20X6 Cost for the year $12,800,000 $15,300,000 $5,900,000 Estimated costs to complete $17,200,000 $5,900,000 $0 Cash collected during the year $5,000,000 $14,000,000 $24,000,000 Physical percentage of completion (%) 35 55 100 Which of the following statements regarding 20x4 are correct? 1. The contract expense is $15,300,000 2. The contract expense is $12,800,000 3. The contract revenue is $21,930,000 4. The contract revenue is $18.246 667 5. The contract profit is $6,630,000 6. The contract profit is $5,546,667 7. The contract revenue is $7,461,765 O a. 2), 4) and 6) O b. 7) O c. 1), 3) and 5) O d. 1), 2) and 4) O e. 1), 3) and 4)

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