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Durant Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.5 million. Construction began in 2019 and
Durant Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.5 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract: 2019 2020 2021 Costs incurred during the year $665,000 $828,000 $697,900 Estimated costs to complete 1,499,000 713,000 0 Calculate the gross profit to be recognized each year using the completed-contract method. Hint: 2019 2020 2021 Revenue Expenses Gross Profit (Calculate the above, and provide your answers in the blanks below)
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