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explain your answer. 13. During 2007, Eaton Corp. started a construction job...

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Accounting

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13. During 2007, Eaton Corp. started a construction job with a total contract price of $2,800,000. It was completed on December 15, 2008. Additional data are as follows: 2007 2008 Actual costs incurred in current year $1,080,000 $1,220,000 Estimated remaining costs 1,080,000 Billed to customer 960,000 1,840,000 Received from customer 800,000 1,920,000 Under the completed-contract method, what amount should Eaton recognize as gross profit for 2008? O 500.000 O $180,000 O $380,000 0 $250,000

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