(c) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used.

2017-2018-2019

Exercise 18-33 (Part Level Submission) During 2017, Kingbird Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available 2017 2018 2019 Costs incurred to date Estimated costs to complete Billings to date Collections to date $383,800 $807,380 $1,070,000 626,200 298,620 297,000895,000 271,000 1,580,000 1,433,000 807,000 Your answer is correct. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used Gross profit recognized in 2017 Gross profit recognized in 2018 Gross profit recognized in 2019 216600 129420 163980