2013 $320,000 300,000 400,000 320,000 2014 $850,000 0- 850,000 800,000 2012 $280,000 Costs incurred during the year Estimated costs to complete Customer billings to date Collection of billings to date 520,000 300,000 200,000 22. Assuming that the percentage-of completion method is used, compute the amount of eross proft loss) to be recognized on income statement in 2012 and 2013, respectively a $400,000 and 300,000. b. $140,000 and 60,000. c. S140,000 and 200,000. d. S0 and $O. 23. Assuming that the percentage-of-completion method is used, which of the following is reported on the balance sheet at Dec. 31, 2012? a. Receivable under current assets with a balance of $420,000 b. Net of Construction in Progress and Billings on C.L.P under current assets with a balance of $120,000 c. Billings on C.I.P under current liabilities with a balance of $300,000 d. Construction in Progress under current liabilities with a balance of $280,000 24. Assuming that the percentage-of-completion method is used, what is the amount of Revenue from tLong-Term Contracts and Construction Expenses recognized for the year 2013? Revenue Expenses a. $800,000 5320.000 b 5380.000 S320.000 5380,000S 600,000 d $800,000S 600,000 25. Assuming that the completed contract methed is used, compute the amount of gross profit (loss) to be recognized in 2012 and 2013, respectively aS50,000 and 60,000 b. S0 and 60,000. S50,000 and 300,000. d SO and $O. 26.lf in 2013, the estimated cost to complete is estimated to be 400.000. instead of 300.0 compute the gross profit (loss) recognized in 2013 for the percentage-of-completion method and the completed contract method, respectively 5(20,000) and 0 b. SO and (20,000) S0,000) and (20.000). SO and S0