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Current Attempt in Progress Blossom Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bridgeport Structures Ltd. The
Current Attempt in Progress Blossom Enterprises Ltd. has entered into a contract beginning in February 2023 to build two warehouses for Bridgeport Structures Ltd. The contract is a non-cancellable fixed-price contract for $10.2 million. The following data pertain to the construction period (all figures in thousands). Using the percentage-of-completion method, calculate the percentage complete for each year of the contract. (Round answers to 0 decimal places, e.g. 52\%.) Calculate the amount of the gross profit to be recognized each year of the contract. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Enter amount in thousands of dollars.)
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