Accounting · Revenue Recognition
On 1 April 20X5, Louis Co. entered into a contract to construct an office building for a total contract price of $5,000,000. Performance obligation is satisfied over time, and progress is measured using the input method based on costs incurred. As of 31 December 20X5, the costs incurred were $1,800,000, and the estimated costs to complete were $2,700,000. In accordance with IFRS 15, what amount of revenue should Louis Co. recognize for the year ended 31 December 20X5?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1$2,250,000
- 2$2,100,000
- 3$2,000,000✓
- 4$1,800,000
Correct answer
$2,000,000
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