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E18-12 (Recognition of Profit on Long-Term Contracts) During 2012, Nilsen Company started a construction job with a contract price of $1,774,000. The job was completed

E18-12 (Recognition of Profit on Long-Term Contracts) During 2012, Nilsen Company started a construction job with a contract price of $1,774,000. The job was completed in 2014. The following information is available.

2012

2013

2014

Costs incurred to date

$361,760

$814,720

$1,084,000

Estimated costs to complete

590,240

257,280

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