Assume that Madison Corp.has agreed to construct a new basketball arena for Gator Town for $70 million dollars.Construction of the new arena begins in July,2012 and is expected to be completed in March 2009.At the signing of the contract Madison Corp.estimates that the new arena will cost $60 million dollars to build.Given the following cost and building schedule determine the cumulative degree of completion and how much revenue and gross margin Madison Corp.should recognize in years 2012,2013 and 2014.
Definitions:
Silicone RTV
A room-temperature-vulcanizing silicone used as a sealant or adhesive, capable of forming durable, flexible seals resistant to temperature and moisture.
Sealed Trailer
A type of trailer designed to be completely closed off from external elements, often used for the transportation of goods that require protection from the environment.
Semi-Trailer Dump Box
A type of dump truck where the dump box is supported at the rear by its own axles and at the front by a detachable tractor unit.
Cubic Capacity
Measures the volume of an engine's cylinders, usually referred to in cubic centimeters (cc) or litres (L), which indicates the engine's power capacity.
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