Beck Construction Company began work on a new building project on January 1, 2020. The project is
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Question:
Beck Construction Company began work on a new building project on January 1, 2020. The project is to be completed by December 31 2022, for a fixed price of 5114 million The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting stall Years actual costs incurred in each yea Estimated raining costs to complete the 2020 project masured at Dec 31 of each year) 2021 352 million $54 ellion 549 million 2022 549 on $37 million 58 303 Required: What amount of gross profit or less would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project Loss amounts should be indicated with a minus sign. Enter your answers in millions (ie. 10.000.000 should be entered as 101-1 Gross Profile for Lecognized milion 2020 2021 2022 milion
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