(Answered) Question - hansen construction inc has consistently used

Accounting

Question - Hansen Construction, Inc., has consistently used the percentage-of-completion method of recognizing income. During 1997 Hansen started work on a $3,000,000 fixed-price construction contract. The accounting records disclosed the following data for the year ended December 31, 1997:

Costs incurred $930,000

Estimated cost to complete 2,170,000

Progress billings 1,100,000

Collections 700,000

How much loss should Hansen have recognized in 1997?

a. $230,000

b. $100,000

c. $30,000

d. $0

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