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Ayayai Bob Construction Inc. began work on a $7728000 non-cancellable contract in 2023 to construct a retail building. During 2023, Ayayai Bob incurred costs of
Ayayai Bob Construction Inc. began work on a $7728000 non-cancellable contract in 2023 to construct a retail building. During 2023, Ayayai Bob incurred costs of $1536000 and billed its customers for $1447000 (non-refundable) and collected $1022000. At December 31,2023 , the estimated future costs to complete the project total $2560000. What is the construction expense, assuming Ayayai Bob is using the percentage-of-completion method? {:[$1447000],[$4096000],[$1536000],[$4005000]:}
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