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how can answer On February 1, 2020, HON Contractors agreed to construct a building at a contract price of $3,000,000. The total estimated construction costs

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On February 1, 2020, HON Contractors agreed to construct a building at a contract price of $3,000,000. The total estimated construction costs would he $2,000,000 and the project would be nished in 2022. Information relating to the costs and billings for this contract is as follows: 2020 2021 2022 Total costs incurred to date 1*, 250,000 $1,320,000 $2,300,000 Estimated costs to complete 1,250,000 880,000 -0- Customer billings to date 1,100,000 2,000,000 3,000,000 Collections to date 1,000,000 1,750,000 2,950,000 Calculate the gross prot;r (loss) that should be recognized for 2020, 2021, and 2022 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) 2020 202 l 2022 Gross prot,r (loss) $ $ $ LINK TO TEXT

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