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Hackett Homes constructed a new subdivision during 2023 and 2024 for $2,900,000. Relevant data are summarized below: 2023 2024 Actual costs incurred $930,000 $810,000 Gross

Hackett Homes constructed a new subdivision during 2023 and 2024 for $2,900,000. Relevant data are summarized below: 2023 2024 Actual costs incurred $930,000 $810,000 Gross profit $0 $1,160,000 Contract billings $1,450,000 $1,450,000 Hackett recognizes revenue upon completion with respect to these contracts. In its December 31, 2023 balance sheet Hackett would report: [5 points]

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