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During 2023, Cullumber Company started a construction job with a contract price of $1.984,000. The job was completed in 2025. The following information is
During 2023, Cullumber Company started a construction job with a contract price of $1.984,000. The job was completed in 2025. The following information is available. The contract is non-cancellable. 2025 Costs incurred to date $496,000 $1,023,000 $1,326,800 Estimated costs to complete 744,000 Billings to date (non-refundable) Collections to date 372.000 341,000 1.116.000 334,800 1,004,400 1,767,000 1.984.000 (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 pormtheses eg (45))) 2023 2024 2025
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