Question: Oriole Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.8 million beginning September 1, 2023, to build

Oriole Construction Inc., which has a calendar year end, has entered
into a non-cancellable fixed-price contract for $2.8 million beginning September 1, 2023,

Oriole Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.8 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025. The following data pertain to the construction period. ORIOLE CONSTRUCTION INC. Partial Statement of Financial Position December 31,2024 Current Assets Accounts Receivable $113000 Current Liabilities Contract Asset/Liability $547200

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