Question: In 2021, Chicago Construction began work on a construction project with a contract price of $161 million to be received when the project is

In 2021, Chicago Construction began work on a construction project with a

In 2021, Chicago Construction began work on a construction project with a contract price of $161 million to be received when the project is completed in 2023. During 2021, the company incurred $39 million of costs and estimates an additional $85 million of costs to complete the project. The company recognizes revenue over time for this project. In 2021, the company recognizes for this project: Multiple Choice $76.00 million loss on the project in 2021 $11.64 million gross profit No gross profit or loss $39.00 million loss

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