Using the Percentage-Of-Completion Method, Indiana

Using the percentage-of-completion method, Indiana:

A) Recognized no gross profit or loss on the project in 2009.
B) Recognized $6 million loss on the project in 2009.
C) Recognized $9 gross profit on the project in 2009.
D) Recognized $36 million loss on the project in 2009.The project is expected to make a gross profit of $30 million (i.e., $150 million - $36 million $84 million) and the % completed is 30% (i.e., $36 million / $120 million) .Therefore, 30% $30 million = $9 million.