Question: Please show work. Tullis Construction enters into a long-term fixed price contract to build an office tower for $10,800.000. In the first year of the

Please show work.

Please show work. Tullis Construction enters into a long-term fixed price contract

Tullis Construction enters into a long-term fixed price contract to build an office tower for $10,800.000. In the first year of the contract Tullis incurs $3,000,000 of cost and the engineers determined that the remaining costs to complete the project are $5,000,000. Tullis billed $5,000,000 in year 1 and collected $3,300,000 by the end of the year. How much should Tullis report as Accounts Receivable at the end of year 1 on the balance sheet assuming the use of the completed-contract method? A. SO B. $8.300.000 C. $1.700.000 D. $5.000.000

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