Ever green Construction had a contract with Golden Real Estatecco. that was started on 1 January 2021. Estimated date of completion is 31 December 2022 . The contract price is $2,700,000. The parties agreed to make payment twice , one at the end of the first year according to the completion of work and another payment fully paid at the end of the contract.

Evergreen paid expenses for amount of $1 296,000 and issued certificate of work completion to the value of $1,620,000 on the 31 December 2021. The expert of cost accounting of Evergreen estimated with reasonable Certainty that further cost will be $864,000 to complete the contract by end of 2022.

CALCULATE THE FOLLOWING

a. Estimated profitvof the contract with Golden Resl estate

b. The percentage of work completed as on 31 December 2021

c. Profit to be recognized in 2021