Chapter 6 Question 7 of 9 View Policies Show Attempt History Current Attempt in Progress Costs incurred to date 2023 Gross profit/(loss) $ Correct Answer (Used) $424,000 636,000 318,000 286,200 858,600 2024 $874,500 2023 254,400 291,500 954,000 2025 $ $1,134,200 Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number eg.-45 or paren 0 1,696,000 1,510,500 2024 143,100 $ 2025 O 164,30

Question 7 of 9 Virie Molides Show Arimet Hatory Current Attempt in Procres \begin{tabular}{|c|c|c|c|} \hline & 2023 & 2024 & 2025 \\ \hline Costh incurred ta itate & $424000 & sen4500 & $1.134,200 \\ \hline Fstimated costs to comclete & 63.000 & 291500 & 0 \\ \hline Elines to dute (nonvehundible) & 218,000 & 954000 & 1.696000 \\ \hline Collections tadate & 286,200 & sin600 & 1.510500 \\ \hline \end{tabular} (a) Vou Nutwer Correct Ahener (Used! Prepare all necessary journal entries for 2024. (Use Materials, Cash, Payables for costs incurred to date) (Credit occount tilles are autamaticolly indented when