Citation Builders, Inc, builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging from 1020 homes and are typically sold during construction or soon after. To secure the home upon completion, buyers must pay a deposit of 10% of the price of the home with the remaining balance due upon completion of the house and transfer of title. Failure to pay the full amount results in forferture of the down payment, Occasionally, homes remain unsold for as long as three months after construction. In these situations, sales price reductions are used to promote the sale. During 2021. Citation began construction of an office building for Altamont Corporation. The total contract price is $20 million. Costs incurred, estimated costs to complete at year-end, billings, and cash collections for the life of the contract are as follows: Also during 2021, Citation began a development consisting of 12 identical homes. Citation estimated that each home will sell for $600.000. but individual sales prices are negotiated with buyers. Deposits were received for eight of the homes, three of which were completed during 2021 and paid for in full for $600,000 each by the buyers. The completed homes cost $450.000 each to construct The construction costs incurred during 2021 for the nine uncompleted homes totaled $2.700.000 Required: 1. Which method is most equivalent to recognizing revenue at the point of delivery? 2. Answer the following questions assuming that Citation concludes it does not qualify for revenue recognition over time for its office buliding contracts: 2-a. How much revenue related to this contract will Citation report in its 2021 and 2022 income statements? 2.b. What is the amount of gross profit or loss to be recognized for the Altamont contract duting 2021 and 2022 ? 2.c. What will Citation report in its December 31, 2021, balance sheet related to this contract? (fgriore cash). 3. Answer the foliowing questions assuming that Citation recognzes revenue over time according to percentage of completion for its office building contracts. 3-a. How much revenue related to this contract will Citation report in its 2021 and 2022 income statements? 3.b. What is the amount of gross profit or loss to be recognized for the Altamont contract during 2021 and 2022? 3-c. What will Citation report in its December 31, 2021, balance shect related to this contract? (gnore cash) 4. Assume the same information for 2021 and 2022, but that as of year-end 2022 the estimated cost to complete the office buiding is $9,000,000. Citation recogntzes revenue over time according to percentage of completion for its office bulling contracts. 4.6. How much revenue related to this contract will Citation report in the 2022 income statement? 4.b. What is the amiount of gross profit or loss to be recognized for the Altamont contract during 2022? 4-c. What will Citation report in its 2022 balance sheet related to this contract? (ignore cash) 5. Which method of accounting should Citation Buiders, inc adopt for its single-family houses? 6. What wil Citation report in ins 2021 income statement and 2021 balance shcet related to the single-family home business lignore cash in the balance sheet)? Complete this question by entering your answers in the tabs below. Which method is most equivalent to recognizing revenue at the point of delivery? Answer the following questions assuming that Citation concludes it does not qualify for revenue recognition over time for its office building contracts: How much revenue related to this contract will cltation report in its 2021 and 2022 income statements? What is the amount of gross profit or loss to be recognized for the Altamont contract during 2021 and 2022 ? (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. What will citation report in its December 31,2021 , balance sheet related to this contract? (Ignore cash.) Complete this question by entering your answers in the tabs below. Answer the following questions assuming that Citation recognizes revenue over time according to percentage of completion for its office building contracts. How much revenue related to this contract will Citation report in its 2021 and 2022 income statements? What is the amount of gross profit or loss to be recognized for the Altamont contract during 2021 and 2022 ? (Loss amounts should be indicated with a minus sign.) What will Citation report in its December 31,2021 , balance sheet related to this contract? (Ignore cash.) Assume the same information for 2021 and 2022 , but that as of year-end 2022 the estimated cost to complete the office building is $9,000,000. Citation recognizes revenue over time according to percentage of completion for its office building contracts. How much revenue related to this contract will Citation report in the 2022 income statement? What is the amount of gross profit or loss to be recognized for the Altamont contract during 20222 (Loss amounts should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. What will Citation report in its 2022 balance sheet related to this contrct? (Ignore cash.) Complete this question by entering your answers in the tabs below. What will Citation report in its 2021 income statement related to the single-family home business (ignore cash in the balance sheet)? Complete this question by entering your answers in the tabs below. What will Citation report in its 2021 balance sheet related to the single-family home business (ignore cash in the balance sheet)? Citation Builders, Inc, builds office buildings and single-family homes. The office buildings are constructed under contract with reputable buyers. The homes are constructed in developments ranging from 1020 homes and are typically sold during construction or soon after. To secure the home upon completion, buyers must pay a deposit of 10% of the price of the home with the remaining balance due upon completion of the house and transfer of title. Failure to pay the full amount results in forferture of the down payment, Occasionally, homes remain unsold for as long as three months after construction. In these situations, sales price reductions are used to promote the sale. During 2021. Citation began construction of an office building for Altamont Corporation. The total contract price is $20 million. Costs incurred, estimated costs to complete at year-end, billings, and cash collections for the life of the contract are as follows: Also during 2021, Citation began a development consisting of 12 identical homes. Citation estimated that each home will sell for $600.000. but individual sales prices are negotiated with buyers. Deposits were received for eight of the homes, three of which were completed during 2021 and paid for in full for $600,000 each by the buyers. The completed homes cost $450.000 each to construct The construction costs incurred during 2021 for the nine uncompleted homes totaled $2.700.000 Required: 1. Which method is most equivalent to recognizing revenue at the point of delivery? 2. Answer the following questions assuming that Citation concludes it does not qualify for revenue recognition over time for its office buliding contracts: 2-a. How much revenue related to this contract will Citation report in its 2021 and 2022 income statements? 2.b. What is the amount of gross profit or loss to be recognized for the Altamont contract duting 2021 and 2022 ? 2.c. What will Citation report in its December 31, 2021, balance sheet related to this contract? (fgriore cash). 3. Answer the foliowing questions assuming that Citation recognzes revenue over time according to percentage of completion for its office building contracts. 3-a. How much revenue related to this contract will Citation report in its 2021 and 2022 income statements? 3.b. What is the amount of gross profit or loss to be recognized for the Altamont contract during 2021 and 2022? 3-c. What will Citation report in its December 31, 2021, balance shect related to this contract? (gnore cash) 4. Assume the same information for 2021 and 2022, but that as of year-end 2022 the estimated cost to complete the office buiding is $9,000,000. Citation recogntzes revenue over time according to percentage of completion for its office bulling contracts. 4.6. How much revenue related to this contract will Citation report in the 2022 income statement? 4.b. What is the amiount of gross profit or loss to be recognized for the Altamont contract during 2022? 4-c. What will Citation report in its 2022 balance sheet related to this contract? (ignore cash) 5. Which method of accounting should Citation Buiders, inc adopt for its single-family houses? 6. What wil Citation report in ins 2021 income statement and 2021 balance shcet related to the single-family home business lignore cash in the balance sheet)? Complete this question by entering your answers in the tabs below. Which method is most equivalent to recognizing revenue at the point of delivery? Answer the following questions assuming that Citation concludes it does not qualify for revenue recognition over time for its office building contracts: How much revenue related to this contract will cltation report in its 2021 and 2022 income statements? What is the amount of gross profit or loss to be recognized for the Altamont contract during 2021 and 2022 ? (Leave no cells blank - be certain to enter "0" wherever required. Loss amounts should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. What will citation report in its December 31,2021 , balance sheet related to this contract? (Ignore cash.) Complete this question by entering your answers in the tabs below. Answer the following questions assuming that Citation recognizes revenue over time according to percentage of completion for its office building contracts. How much revenue related to this contract will Citation report in its 2021 and 2022 income statements? What is the amount of gross profit or loss to be recognized for the Altamont contract during 2021 and 2022 ? (Loss amounts should be indicated with a minus sign.) What will Citation report in its December 31,2021 , balance sheet related to this contract? (Ignore cash.) Assume the same information for 2021 and 2022 , but that as of year-end 2022 the estimated cost to complete the office building is $9,000,000. Citation recognizes revenue over time according to percentage of completion for its office building contracts. How much revenue related to this contract will Citation report in the 2022 income statement? What is the amount of gross profit or loss to be recognized for the Altamont contract during 20222 (Loss amounts should be indicated with a minus sign.) Complete this question by entering your answers in the tabs below. What will Citation report in its 2022 balance sheet related to this contrct? (Ignore cash.) Complete this question by entering your answers in the tabs below. What will Citation report in its 2021 income statement related to the single-family home business (ignore cash in the balance sheet)? Complete this question by entering your answers in the tabs below. What will Citation report in its 2021 balance sheet related to the single-family home business (ignore cash in the balance sheet)