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During 2017, Ayayai Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available.
During 2017, Ayayai Company started a construction job with a contract price of $1,580,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date Estimated costs to complete Billings to date Collections to date $430,000 $766,500 $1,067,000 570,000328,500 297,000 900,000 1,580,000 272,000 817,000 1,411,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used Gross profit recognized in 2017 Gross profit recognized in 2018 Gross profit recognized in 2019 s
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