Which of the following would be used in the calculation of the income recognized in the third and final year of a construction contract which is accounted for using the percentage-of-completion method? $\begin{array}{|l|l|l|l|}
\hline &\text { Contract Price } & \text { Actual Total Costs } & \text { Income Previously Recognized } \
\hline 1&\text { Yes } & \text { No } & \text { Yes } \
\hline 2&\text { No } & \text { No } & \text { Yes } \
\hline 3&\text { Yes } & \text { Yes } & \text { No } \
\hline 4&\text { Yes } & \text { Yes } & \text { Yes } \
\hline
\end{array}$
A) Choice 1
B) Choice 2
C) Choice 3
D) Choice 4

Question

Quizplus · Accepted Answer

The percentage-of-completion method calculates income based on the contract's progress, requiring the contract price, actual total costs to date, and income previously recognized to determine the income for the current period.

Which of the Following Would Be Used in the Calculation