HeinekenCo. began a construction project in 2019 at a total contract price of$150 million.Theproject is scheduled for completion by 2021. During 2019, Heinekenincurred $36 million ofcosts and estimates an additional $84 million of costs to complete the project. In 2020, Heinekenincurred costs of $58.5 million and estimated an additional $40.5 million in costs to complete theproject. Heinekenrecognizes revenue onall contractsover time, as the project is being completedby using the cost to cost approach._____ 13.In their 2020 income statement, Heinekenwould:A)Recognized $15 million gross profit on the project.B)Recognized $13.5 million gross profit on the project.C)Recognized $6 million gross profit on the project.D)Recognized $1.5 million gross profit on the project.
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