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Current Attempt in Progress On February 1, 2020, Crane Contractors agreed to construct a building a contract price of $3,370,000. The total estimated construction costs
Current Attempt in Progress On February 1, 2020, Crane Contractors agreed to construct a building a contract price of $3,370,000. The total estimated construction costs would be $1.920,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: 2020 2021 2022 Total costs incurred to date $ 710,400 $ 1.223,800 $2.230,000 Estimated costs to complete 1,209,600 886,200 .0 Customer bilings to date 1.100.000 1.920,000 3370,000 Collections to date 1.000.000 1.750.000 2.950.000 Calculate the gross profit/loss) that should be recognized for 2020 2021 and 2022 using the percentage completion method. (Enter negative amounts using either ametiven preceding the numberes-45 or portes: 1450 2020 2021 2022 $ Gross pront/oss)
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