Maxwell Consulting Has Been Engaged to Undertake a Software Development

Maxwell Consulting has been engaged to undertake a software development project on behalf of its client. The agreed and fixed contract price is €2 million. Maxwell expects its total costs to complete the project to be €1.25 million. At the end of the 2015 financial year, Maxwell has incurred costs of €750,000 and expects to incur a further €600,000 to complete the project in the following financial year. The amount of profit that Maxwell should include in its financial statements for 2015 is:

A) €312,000
B) €390,000
C) €450,000
D) €650,000