Ponts Ravel is building a bridge for a local authority, an obligation satisfied over time and measured using costs incurred. Transaction price: 2,000,000. Revenue recognised in 20X1: 800,000. At 31 December 20X2, cumulative costs incurred amount to 1,120,000 and total expected costs are revised to 1,600,000. Calculate the revenue for 20X2.
- Transaction price
- 2,000,000
- Revenue recognised in 20X1
- 800,000
- Cumulative costs incurred at 31 December 20X2
- 1,120,000
- Revised total expected costs
- 1,600,000