Portsmith Co. signed an agreement to build a warehouse facility for $350,000.

Question of the day, Chapter 18, #2Portsmith Co. signed an agreement to build a warehouse facility for $350,000.Construction began on July 1, 2014, and is expected to finish on December 31, 2016.Portsmith estimated that the warehouse would cost $300,000 to build.On December 31, Portsmith had invested $80,000 in costs (salaries to workers, materials,etc.) into the project. The engineer overseeing the project estimated that it would costanother $230,000 to complete, and that the project would be finished by February 28,2017. How much revenue should Portsmith recognize on its December 31, 2014, incomestatement?

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