Indiana co. began a construction project in 2018 with a contract price of $150 million to be received when the project is completed in 2020. during 2018, indiana incurred $36 million of costs and estimates an additional $84 million of costs to complete the project. indiana recognizes revenue over time and for this project recognizes revenue over time according to the percentage of the project that has been completed. indiana a) recognized no gross profit or loss on the project in 2018. b) recognized $6 million loss on the project in 2018. c) recognized $9 million gross profit on the project in 2018. d) recognized $36 million loss on the project in 2018.

Wo firms, a and b, each currently dump 50 tons of chemicals into the local river. the government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. it costs firm a $100 for each ton of pollution that it eliminates before it reaches the river, and it costs firm b $50 for each ton of pollution that it eliminates before it reaches the river. the government gives each firm 20 pollution permits. government officials are not sure whether to allow the firms to buy or sell the pollution permits to each other. what is the total cost of reducing pollution if firms are not allowed to buy and sell pollution permits from each other? what is the total cost of reducing pollution if the firms are allowed to buy and sell permits from each other? a. $3,000; $1,500 b. $4,500; $3,500 c. $4,500; $4,000 d. $4,500; $2,500