Business, 08.10.2020 03:01 northpolea

In spring of this year, Parmac Engineering Company signed a $480 million contract with the city of Parkersburg, to construct a new city hall. Parmac expects to construct the building within two years and incur expenses of $360 million. The city of Parkersburg paid $120 million when the contract was signed, $240 million within the next six months, and the final $120 million exactly one year from the signing of the contract. Parmac incurred $144 million in costs during the year and the rest in the following year to complete the contract on time. Using the cost-to-cost method how much revenue should Parmac recognize in the current year

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