Use the Following Information for Questions

question 392

Multiple Choice

Use the following information for questions. Clarinet Ltd.began work in 2014 on a contract for $1,200,000.Other details follow:
-Assume that Clarinet uses the completed-contract method of accounting.The portion of the total gross profit to be recognized in 2015 is

• A)$150,000.
• B)$225,000.
• C)$387,500.
• D)$1,200,000.

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