During 2023, Cullumber Corporation started a construction job with a contract price of $3.78 million. Cullumber 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, Cullumber sends billings as revenues are earned. Billings are non-refundable. The following information is available: Costs incurred to date Estimated costs to complete (a) Gross profit/(loss) eTextbook and Media List of Accounts 2023 Save for Later $540,000 2,835,000 2024 2023 $1,890,000 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).) 1,890,000 2025 $ $3,680,000 -0- 2024 2025 Attempts: 0 of 5 used Submit Answer (b1) The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above.

During 2023, Cullumber Corporation started a construction job with a contract price of $3.78 million. Cullumber 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, Cullumber sends billings as revenues are earned. Billings are non-refundable. The following information is available: (a) 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 eg -45 or parentheses es. (45)). (b1) The parts of this question must be completed in order. This part will be available when you complete the part above. (c1) The parts of this question must be completed in order. This part will be available when you complete the part above