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Blossom Construction Company has entered into a non-cancellable contract beginning January 1,2023 , to build a parking complex. It has been estimated that the complex
Blossom Construction Company has entered into a non-cancellable contract beginning January 1,2023 , to build a parking complex. It has been estimated that the complex will cost $625,000 and will take three years to construct. The complex will be billed to the purchasing company at $905,000. The following data pertain to the construction period. \begin{tabular}{lrrr} & 2023 & 2024 & 2025 \\ \hline Costs to date & $281,250 & $468,750 & $635,000 \\ Estimated costs to complete & 343,750 & 156,250 & 0 \\ Progress billings to date (non-refundable) & 281,250 & 575,000 & 905,000 \\ Cash collected to date & 251,250 & 525,000 & 905,000 \end{tabular} Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter O for amounts. Enter negative amounts using either a negative sign preceding the number e.g. 45 or parentheses e.g. (45).)
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