On 1 January 2015,Romulus Ltd Signed a Contract Worth $21

Multiple Choice

On 1 January 2015,Romulus Ltd signed a contract worth $21 000 000 to construct a light rail from A to B.The light rail was to be built over three years,with progress payments of $7 000 000 to be made at the end of each year.Estimated costs were $15 000 000 and the following costs incurred and paid by Romulus Ltd were in accordance with estimates and represented the percentage completed in each year: The project was completed in December 2017.
-Using the percentage of completion method,what profit would Romulus Ltd report in 2015?

A) $800 000
B) $2 000 000
C) $3 200 000
D) $1 300 000