In early 2010, the Miami Company signed a contract for construction of an industrial park to be completed in three years.At that time, estimated total costs were $2, 250, 000, and estimated total revenues were $4, 000, 000.During 2010, Miami incurred costs of $960, 000 and collected $1, 100, 000.In December 2010, Miami recalculated total costs for the project to be $3, 200, 000 while estimated total revenues remained unchanged.What amount of profit (loss)should be recognized by Miami for 2010, using the percentage-of-completion method?
A)$266, 667 profit
B)$ 55, 000 loss
C)$240, 000 profit
D)$285, 000 loss

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The Answer of In early 2010, the Miami Company signed a contract for construction of an industrial park to be completed in three years.At that time, estimated total costs were $2, 250, 000, and estimated total revenues were $4, 000, 000.During 2010, Miami incurred costs of $960, 000 and collected $1, 100, 000.In December 2010, Miami recalculated total costs for the project to be $3, 200, 000 while estimated total revenues remained unchanged.What amount of profit (loss)should be recognized by Miami for 2010, using the percentage-of-completion method?
A)$266, 667 profit
B)$ 55, 000 loss
C)$240, 000 profit
D)$285, 000 loss

In Early 2010, the Miami Company Signed a Contract for Construction