(Solution) - Hawkins Construction Co has a 60 million contract to construct -(2025 Original AI-Free Solution)

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Hawkins Construction Co. has a $60 million contract to construct a highway overpass and cloverleaf. The total estimated cost for the project is $50 million. Costs incurred in the first year of the project are $8 million. Hawkins Construction Co. appropriately uses the percentage-of completion method. How much revenue and gross profit should Hawkins recognize in the first year of the project?