Question: Question: BuildIt Corp. signed a $ 2 million contract to build a bridge, estimated to take two years to complete. By the end of the

Question: BuildIt Corp. signed a $2 million contract to build a bridge, estimated to take two years to complete. By the end of the first year, they have completed 40% of the work. According to the revenue recognition principle, how much revenue should BuildIt Corp. report for the first year?
A. Report no revenue until the bridge is completely built.
B. Report $800,000 in revenue, matching 40% of the total contract value.
C. Report $1 million in revenue, representing 50% of the total contract value.
D. Report the full $2 million since the contract has been signed.

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