Blossom Construction is constructing an office building under contract for Cannon Company and uses the...
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Blossom Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1450000 each quarter. The total contract price is $18492000 and Blossom estimates total costs of $17650000. Blossom estimates that the building will take 3 years to complete, and commences construction on January 2 , 2018. At December 31, 2018, Blossom estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue from LongTerm Contracts recognized for 2018 and what is the balance in the Accounts Receivable account assuming Cannon Company has not yet made its last quarterly payment? Option A Option B Option C
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