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During 2020, Indigo Company started a construction job with a contract price of $ 1,620,000. The job was completed in 2022. The following information is
During 2020, Indigo Company started a construction job with a contract price of $ 1,620,000. The job was completed in 2022. The following information is available. 2020 2021 2022 Costs incurred to date $393,900 $ 889,380 $ 1,061,000 Estimated costs to complete 616,100 208,620 -0- Billings to date 303,000 902,000 1,620,000 Collections to date 273,000 814,000 1,418,000 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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