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I need help figuring the last three amounts. On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge
I need help figuring the last three amounts.
On February 1, 2016, Arrow Construction Company entered into a three-year construction contract to build a bridge for a price of $8,500,000. During 2016, costs of $2,200,000 were incurred, with estimated costs of $4,200,000 yet to be incurred. Billings of $2,740,000 were sent and cash collected was $2,450,000. In 2017, costs incurred were $2,740,000 with remaining costs estimated to be $3,900,000. 2017 billings were $2,990,000, and $2,675,000 cash was collected. The project was completed in 2018 after additional costs of $4,000,000 were incurred. The company's fiscal year-end is December 31. This project does not qualify for revenue recognition over time. Calculate the amount of revenue and gross profit or loss to be recognized in each of the three yearsStep by Step Solution
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