On 1 January 2014, Peter Ltd signed a contract worth $64 000 000 to construct the Cycling Stadium. The stadium was to be built over three years, with progress payments as follows:
Estimated costs were $50 000 000. The project was 35 per cent complete at the end of 2014, 75 per cent complete at the end of 2015 and 100 per cent complete at the end of 2016. Revenues and costs were as estimated. How much profit was earned during 2016 if the percentage of completion method was used?
Definitions:
Saint Pantaleimon
A Christian martyr and saint, venerated in the Eastern Orthodox, Catholic, and other Christian churches, known for his healing and miracles.
Emotionally Charged
Describes something filled with intense feelings or evoking strong emotional reactions.
Madonna
A title for Mary, mother of Jesus, often used in the context of Christian art depicting her.
Vladimir Virgin
Refers to an iconic representation of the Virgin Mary in Eastern Orthodox Christianity, characterized by a specific style of iconography originating from Russia.
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