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Carla Vista Construction Company has entered into a non-cancellable contract beginning January 1, 2023, to build a parking complex It has been estimated that
Carla Vista 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 $620,000 and will take three years to construct. The complex will be billed to the purchasing company at $970,000 The following data pertain to the construction period 2023 2024 2025 Costs to date $279,000 $465,000 $630,000 Estimated costs to complete 341,000 155,000 0 Progress billings to date (non-refundable) 279,000 Cash collected to date 570,000 970,000 249,000 520,000 970,000 (a) 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 eg-45 or parentheses eg (451) 2023 2024 2025
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