During 2023, Blossom Corporation started a construction job with a contract price of $2.80 million. Blossom ran into severe technical difficulties during construction but managed to complete the job in 2025. The contract is non-cancellable. Under the terms of the contract, Blossom sends billings as revenues are earned. Billings are non-refundable. The following information is available: Costs incurred to date Estimated costs to complete (a) 2023 Gross profit/(loss) $ $ 400,000 2,100,000 2024 2023 $1,400,000 1,400,000 2025 $2,700,000 Calculate the amount of gross profit that should be recognized each year under the percentage-of-completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) -0- 2024 $ 2025

During 2023, Blossom Corporation started a construction job with a cootract price of $2.80 million. Blossom ran into severe technical difficulties during construction but managed to complete the job in 2025 . The contract is non-cancellable. Under the terms of the contract. Blossom sends bellings as revenues are earned. Billings are non-refundable. The following information is avaliable: (a) Calculate the amount of gross profit that should be recognized each year under the percentoge-of-completion method (Enter negotive amounts using either a negative sign preceding the number es. -45 or parentheses e.3 (45))