Diamond, Inc. (Diamond) has a 5-year construction contract to build a 60-mile canal for $600,000. The estimate of total costs is $400,000. Year 1 and Year 2 incurred costs are, respectively, $100,000 and $20,000. Diamond finished 18 miles in Year 1 and 6 miles in year 2. If Diamond uses the cost to cost ratio method to recognize revenue, which of the following revenue amounts would Diamond report for Year 1 and Year 2, respectively?
A. $0, $0
B. $150,000, $180,000
C. $60,000, $180,000
D. $150,000, $30,000
Answers: 3
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Diamond, Inc. (Diamond) has a 5-year construction contract to build a 60-mile canal for $600,000. Th...
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