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During 2025, Crane Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is
During 2025, Crane Company started a construction job with a contract price of $1,590,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $410,000 $901,180 $1,067,000 Estimated costs to complete 590,000 197,820 -0- Billings to date 297,000 903,000 1,590,000 Collections to date 271,000 805,000 1,434,000 Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used. Gross profit A 2025 2026 241900 $ 160720 A 2027 120380
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