On December 31, 2012, Tri-State Construction Inc., signs a contract with the state of Texas Department of Transportation to manufacture a bridge over the Rio Grande.  Tri-State anticipates the construction will take three years.  The company's accountants provide the following contract details relating to this project:   Contract Price $420 million;   Estimated construction costs $300 million;   During the three-year construction period, Tri-State incurred costs as follows:   2013 - $30 million;   2014 - $180 million;   2015 - $90 million.   Tri-State uses the percentage of completion method to recognize revenue. 

 What should represent the revenue recognized in 2013, 2014, and 2015?

Answer rating: 100% (QA)

Under the percentage of completion method revenue is recognized based on the percentage of the proje... View the full answer