Newberg Construction Corp contracted to construct a building for $400,000 Construction began in 2019 and was completed in 2020 Data relating to the contract are as follows Newberg determined that its performance obligation was satisfied over time Required For the years ended December 31, 2019 and 2...

2019 2020 Costs incurred to date 200000 ...

Newberg Construction Corp. contracted to construct a building for $400,000. Construction began in 2019 and was completed

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Newberg Construction Corp. contracted to construct a building for $400,000. Construction began in 2019 and was completed in 2020. Data relating to the contract are as follows:

Year Ended December 31, 2019 2020 Costs incurred Estimated costs to complete $200,000 100,000 $110,000

Newberg determined that its performance obligation was satisfied over time.

Required:
For the years ended December 31, 2019 and 2020, respectively, how much gross profit should Newberg report?

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Intermediate Accounting Reporting and Analysis

ISBN: 978-1337788281

3rd edition

Authors: James M. Wahlen, Jefferson P. Jones, Donald Pagach

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Question Posted: Jul 15, 2019 09:17 AM

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Newberg Construction Corp. contracted to construct a building for $400,000. Construction began in 2019 and was completed

Question:

Year Ended December 31, 2019 2020 Costs incurred Estimated costs to complete $200,000 100,000 $110,000

Step by Step Answer:

2019 2020 Costs incurred to date 200000 ...View the full answer

Intermediate Accounting Reporting and Analysis

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