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It expects the project will be completed on time and on

Question - Essetle Constructions has a contract to build a train network for a price of $12 million. The project is expected to take three years to complete and to cost $8 million. Essetle spent $2.5 million in the first year and $4 million in the second year. It expects the project will be completed on time and on budget. How much profit should Essetle Construction report for the second year of the contract?

a. $1 Million

b. $2 Million

c. $4 Million

d. $6 Million

e. No Profit should be reported

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Accounting Basics: It expects the project will be completed on time and on

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