Accounting Principles

EAP-5 Ruiz Construction Company currently has one long-term construction project. Determine gross profit for The project has a contract price of $140,000,000, with total estimated costs of $100,000,000, construction projects. Ruiz appropriately uses the percentage-of-completion method. After 2 years of construction, the (SO 5) following costs have been accumulated. 24 Accounting Principles Instructions Determine the gross profit for each of the first 2 years of the construction contract