Lagory Co Started a Contract in June 2020 to Build a a Bridge

question 72

Multiple Choice

Lagory Co. started a contract in June 2020 to build a bridge at a fixed price of $14 million. The bridge was to be completed by October 2022. Total cumulative costs incurred by the end of December 2020 and 2021 were $2 million and $6 million, respectively. Lagory Co. is unable to estimate the total costs of the project prior to completion. Final costs at the end of the project totalled $11 million. How much revenue will Lagory Co. report in 2021?

• A)$2,000,000
• B)$3,000,000
• C)$4,000,000
• D)$14,000,000

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Definitions:

Quebec Civil Code

The legal code governing civil matters in the province of Quebec, Canada, distinct for its civil law tradition.

Napoleonic Code

A comprehensive legal code established by Napoleon in 1804, which strongly influenced the law systems of many countries.

Justinian's Code

A collection of laws and legal interpretations developed under the sponsorship of the Byzantine Emperor Justinian I.

Usable Definition

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