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During 2020, Carla Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available.
During 2020, Carla Company started a construction job with a contract price of $1,610,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $366,300 $772,100 $1,063,000 Estimated costs to complete 623,700 330,900 -0- Billings to date 300,000 909,000 1,610,000 Collections to date 271,000 807,000 1,424,000 (a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020 $ Gross profit recognized in 2021 $ Gross profit recognized in 2022 $
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