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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 $610,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,010,000. The following data pertain to the construction period. (a) Your answer is correct. Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) eTextbook and Media Attempts: 1 of 2 used (b) 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 0 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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