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Crane Construction Company has entered into a non-cancellable contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex
Crane Construction Company has entered into a non-cancellable contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $732,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,098,000. The following data pertain to the construction period. Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date 2017 $329,400 402,600 329,400 292,800 2018 $549,000 183,000 671,000 610,000 2019 $744,200 0 1,098,000 1,098,000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter o for amounts.) 2017 2018 2019 Gross profit recognized SHOW LIST OF ACCOUNTS LINK TO TEXT Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter o for amounts.) 2017 2018 2019 Gross profit recognized
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