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Flint Construction Company has entered into a contract beginning January 1,2020 , to build a parking complex. It has been estimated that the complex will
Flint Construction Company has entered into a contract beginning January 1,2020 , to build a parking complex. It has been estimated that the complex will cost $605,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $909,000. The following data pertain to the construction period. (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0 , please enter 0 . Do not leave any fields blank.) (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0 , please enter 0 . Do not leave any fields blank.) Gross profit recognized in 2020$ Gross profit recognized in 2021$ Gross profit recognized in 2022$
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