Calculate the amount of revenue and gross profit to be recognized in each of the three years
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Question:
| Calculate the amount of revenue and gross profit to be recognized in each of the three years assuming the following costs incurred and costs to complete information. (Do not round intermediate calculations and round your final answers to the nearest whole dollar amount. Loss amounts should be indicated with a minus sign.) | |
| 2016 | 2017 | 2018 | |||||||
| Cost incurred during the year | $ | 2,610,000 | $ | 3,850,000 | $ | 3,250,000 | |||
| Estimated costs to complete as of year-end | 6,390,000 | 3,150,000 | 0 | ||||||
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