T Net Inc. began work in 3021 on a contract for $21,000,000 Other data are as follows Costs incurred to date Estimated costs to complete Billings to date Collections to dete if Kiner uses the percenta 2021 is a $3,600,000 b. $4,000,000. c. $5,400,000. d. $6,000,000 2071 $9,000,000 6,000,000 7,000,000 5,000,000 $14,000,000 - 21,000,000 18,000,000 pletion method, the gross profit to be recognized in began work on a contract for $22,000,000; it was completed in 2022. The following cost Homer Construction Co. uses the percentage-of-completion method. In 2021, Homer data pertain to this contract Cost incurred during the year Estimated costs to complete at the end of year Year Ended December 31 2021 $7,800,000 5,200,000 2022 $5,600,000 If the completed-contract method of accounting was used, the amount of gross profit to be recognized for years 2021 and 2022 would be 2021 a. $9,000,000. b. $8,600,000. C. SO. d. SO. 2022 SO. $(400,000). $8,600,000. $9,000,000 Watson Corporation prepared the following reconciliation for its first year of operations: Tax exempt interest Pretax financial income for 2021 Originating temporary difference Taxable income $2,700,000 (150,000) (450,000) $2,100.000 The temporary difference will reverse evenly over the next two years at an enacted tax rate of 30%. The enacted tax rate for 2021 is 20%. What amount should be reported in its 2021 income statement as the current portion of its provision for income taxes? a. $420,000 b. $630,000 c. $540,000 d. $810,000