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Nvidia started a construction project in 2024 for a contract price of $163 million. The...

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Accounting

Nvidia started a construction project in 2024 for a contract price of $163 million. The project will be completed in 2026. In 2024, the company
spent $40 million in costs and estimates an additional $86 million will incur to complete the project. Nvidia recognizes revenue over time. Nvidia:
Note: Do not round intermediate calculations. Present final answer in millions, to 2 decimal places.
Multiple Choice
recognized $11.75 million gross profit on the project in 2024.
recognized $77.00 million loss on the project in 2024.
recognized $40.00 million loss on the project in 2024.
recognized no gross profit or loss on the project in 2024.
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