Use the Following Information for Questions

question 3

Multiple Choice

Use the following information for questions:
Streetside Construction agreed to build a shopping centre for $25,000,000 over the next four years.Estimated cost for years one through four are: $7,500,000; $5,000,000; $5,000,000; and $2,500,000.
-Assume total estimated costs to complete the job at the beginning of year three were revised to $27,000,000.If actual costs in year four were equal to those revised estimated costs, and the completed contract method were used, what would be the profit or loss recognized in year four?

• A)$ -0-
• B)$2,000,000)
• C)$3,000,000
• D)$1,000,000)

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Definitions:

Déjà Vu

The feeling of having already experienced the present situation, a phenomenon that's often mysterious and hard to explain.

Anterograde Amnesia

A condition that prevents an individual from forming new memories after the onset of the condition, though memories from before the event may remain intact.

Infantile Amnesia

The inability of adults to recall memories from early childhood, typically before the age of 3 or 4.

Implicit Memory

A type of long-term memory that operates below conscious awareness, influencing thoughts, behaviors, and skills without deliberate recall.