Question: Please help, thanks! Gleason Construction enters into a long term fixed price contract to build an office building for $28,000,000. In the first year of

Please help, thanks!

Please help, thanks! Gleason Construction enters into a long term fixed price

contract to build an office building for $28,000,000. In the first year

of the contract Gleason incurs $5,000,000 of cost and the engineers determined

Gleason Construction enters into a long term fixed price contract to build an office building for $28,000,000. In the first year of the contract Gleason incurs $5,000,000 of cost and the engineers determined that the remaining costs to complete are $18,000,000. How much gross profit or loss should Gleason recognize irn Year 1 assuming the use of the completed -contract method? O A. $178,571 loss OB, SO profit O C. $5,000,000 loss O D. $2,500,000 profit

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