QUESTION 17 X Inc had entered into a contract to render repair art-work of a damaged building at a total contract price of $ 100 million. It had originally estimated that its costs would be $ 60 million. Since accurate time estimation was not possible for the art work, it employs a surveyor at the year end and estimated that 60% of the work has been completed at a cost of $ 47 million. The party has made a progress payment of $ 50 million through a separate assessment of work completion. Can the entity recognize revenue applying stage of completion method?