Question:Gonzalez's Construction Company began a long-term construction contract on January 1,2002. The contract is expected to be completed in 2003 at a total cost of $20,000,000. Gonzalez's revenue for the project is $24,000,000. Gonzalez incurred contract costs of $4,000,000 in 2002. What gross profit should be recognized in 2002? 

A $800,000 
B $1,000,000 
C $2,000,000 
D $4,000,000 

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A 

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Md. Saydul Alam

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