$1.$Which method is most equivalent to recognizing revenue at the point of delivery?

$2.$Answer the following questions assuming that Citation concludes it does not qualify for revenue recognition over time for its office building contracts:

$2-$a$.$How much revenue related to this contract will Citation report in its $2021$ and $2022$ income statements?

$2-$b$.$What is the amount of gross profit or loss to be recognized for the Altamont contract during $2021$ and $2022?$

$2-$c$.$What will Citation report in its December $31,2021,$ balance sheet related to this contract?$($Ignore cash.$)$

$3.$Answer the following questions assuming that Citation recognizes revenue over time according to percentage of completion for its office building contracts.

$3-$a$.$How much revenue related to this contract will Citation report in its $2021$ and $2022$ income statements?

$3-$b$.$What is the amount of gross profit or loss to be recognized for the Altamont contract during $2021$ and $2022?$

$3-$c$.$What will Citation report in its December $31,2021,$ balance sheet related to this contract?$($Ignore cash.$)$

$4.$Assume the same information for $2021$ and $2022,$ but that as of year$-$end $2022$ the estimated cost to complete the office building is $$5850000.$ Citation recognizes revenue over time according to percentage of completion for its office building contracts.

$4-$a$.$How much revenue related to this contract will Citation report in the $2022$ income statement?

$4-$b$.$What is the amount of gross profit or loss to be recognized for the Altamont contract during $2022?$

$4-$c$.$What will Citation report in its $2022$ balance sheet related to this contract?$($Ignore cash.$)$

$5.$Which method of accounting should Citation Builders, Inc. adopt for its single$-$family houses?

$6.$What will Citation report in its $2021$ income statement and $2021$ balance sheet related toCitation Builders, Inc., builds office buildings and single$-$family homes.