The "All Faiths" church is building a new church for $ 2 million on land acquired several years ago. The contractor estimates the cost at $1.3 million and the project is to be completed over a 2-year period with the payments split evenly between the 2 years. During the first year, the total costs incurred were $ 700000. During the second year the contractor experienced cost overruns and costs incurred were $1.0 million. Using the percentage-of-completion method, how much revenue and income should the contractor recognize in the second year of the project RevenueIncome（）
A. $1076923 $ 376923
B. $ 923077 $ 76923
C. $ 859026 $ 236593
参考答案：B
解析：
During the first year, the revenue was 700000/1300000×2000000=1076923 The total revenue for both years=$ 2000000 The second year revenue was 2000000-1076923=$ 923077 The second year income=revenues-costs=923077-1000000=-$ 76923