FULL SCREEN PRINTER VERSION 4 4 BACK ES NEXT Exercise 18-30 Yanmel Construction Company began operations on January 1, 2015. During the year, Yanmel Construction entered into a contract with Lundquist Corp. to construct a manufacturing facility. At that time, Yanmel estimated that it would take 5 years to complete the facility at a total cost of $4,500,000. The total contract price for construction of the facility is $6,000,000. During the year, Yanmei incurred 91,185,800 in construction costs related to the construction project. The estimated cost to complete the contract is 84,204,200. Lundquist Corp. was billed and paid 25% of the contract price. Compute the amount of gross profit to be recognized for the year ended December 31, 2015, and the amount to be shown as "costs and recognized profit in excess of billings" or "billings in excess of costs and recognized profit" at December 31, 2015, using cost-recovery method. (Do not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) * Gross Profit to Be Recognized Billings in Excess of Costs and Recognized Profit Compute the amount of gross profit to be recognized for the year ended December 31, 2015, and the amount to be shown as "costs and recognized profit in excess of billings" or "billings in excess of costs and recognized profit' at December 31, 2015, using percentage-of-completion method. (Do not leave any answer field blank. Enter o for amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Gross Profit to Be Recognized Billings in Excess of Costs and Recognized Profit