In 2018, KP Building Inc. began work on a four-year construction project (called Cincy One). The contract price is $300 million. KP recognizes revenue on this contract over time according to percentage of completion. At the end of 2018, the following financial statement information indicates the results to date for Cincy One:

Required:
Compute the following, placing your answer in the spaces provided and showing supporting computations below.

Question

In 2018, KP Building Inc. began work on a four-year construction project (called Cincy One). The contract price is $300 million. KP recognizes revenue on this contract over time according to percentage of completion. At the end of 2018, the following financial statement information indicates the results to date for Cincy One:

Required:
Compute the following, placing your answer in the spaces provided and showing supporting computations below.

Quizplus · Accepted Answer

The Answer of In 2018, KP Building Inc. began work on a four-year construction project (called Cincy One). The contract price is $300 million. KP recognizes revenue on this contract over time according to percentage of completion. At the end of 2018, the following financial statement information indicates the results to date for Cincy One:

Required:
Compute the following, placing your answer in the spaces provided and showing supporting computations below.