Gleason Construction enters into a long-tern fixed price contract to build an office building for $20,000,000. In the first year of the contract Carney incurs $6,000,000 of cost and the engineers determined that the remaining costs to complete are $10,000,000. How much gross profit or loss should Gleason recognize in Year 1 assuming the use of the completed contract method? A. $-0- B. $375,000 profit C. $4,000,000 loss D. $$4,000,000 profitShow transcribed image text Gleason Construction enters into a long-tern fixed price contract to build an office building for $20,000,000. In the first year of the contract Carney incurs $6,000,000 of cost and the engineers determined that the remaining costs to complete are $10,000,000. How much gross profit or loss should Gleason recognize in Year 1 assuming the use of the completed contract method? A. $-0- B. $375,000 profit C. $4,000,000 loss D. $$4,000,000 profit
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