for parts b prepare journal entry for year 2023

Blossom Construction Company has entered into a non-cancellable contract beginning January 1, 2023, to build a parking complex. It has been estimated that the complex will cost $625,000 and will take three years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period. (a) Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)