Indiana Co. began a construction project in 2013 that will provide it $162 million when it is completed in 2015. During 2013, Indiana incurred $38 million of costs and estimates an additional $90 million of costs to complete the project. Using the percentage-of-completion method, Indiana: (Do not round your percentage calculated.)
Recognized $38.00 million loss on the project in 2013.
Recognized no gross profit or loss on the project in 2013.
Recognized $72.00 million loss on the project in 2013.
Recognized $10.09 million gross profit on the project in 2013.