Use the following information for questions.
In 2017, Hip-hop Inc.began a three year construction contract for $7,000,000.Hip-hop uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2017 follow:
-What was the initial estimated gross profit on this contract?
A)$762,860
B)$810,462
C)$1,300,408
D)$1,729,412

Question

Use the following information for questions.
In 2017, Hip-hop Inc.began a three year construction contract for $7,000,000.Hip-hop uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2017 follow: 
-What was the initial estimated gross profit on this contract?
A)$762,860 
B)$810,462 
C)$1,300,408 
D)$1,729,412

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The Answer of Use the following information for questions.
In 2017, Hip-hop Inc.began a three year construction contract for $7,000,000.Hip-hop uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2017 follow: 
-What was the initial estimated gross profit on this contract?
A)$762,860 
B)$810,462 
C)$1,300,408 
D)$1,729,412

Use the Following Information for Questions