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During 2023, Blossom Company started a construction job with a contract price of $1,536,000. The job was completed in 2025. The following information is available.
During 2023, Blossom Company started a construction job with a contract price of $1,536,000. The job was completed in 2025. The following information is available. The contract is non-cancellable. 2023 2024 2025 Costs incurred to date $384,000 $792,000 $1,027,200 Estimated costs to complete 576,000 264,000 0 Billings to date (non-refundable) Collections to date 288,000 864,000 1,536,000 259,200 777,600 1,368,000 (a) Calculate the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45)) 2023 Gross profit/(loss) $ 2024 2025
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