Intermediate accounting

Income measurement and Profitability Analysis On February 1, 2010, Marcos Contractors agreed to construct a building at a contract price of $3,000,000 Marcos estimated total construction costs would be $2,000,000 and the project would be finished in 2012. Information relating to the costs and billings for this contract is as follows 20 incurred 201 to date $ 2010 Total 750,000 $1,320,000 $2,300,000 Estimated complete 1,250,000 880,0000 Customer date 1,100,0002,000,0003,000,000 Collections date 1,000,0001,750,0002,950,000 costs to to to costs billings Instructions 1. Fil in the correct amounts on the following schedule For percentage-of-completion and for completed-contract accounting, show the gross profit that should be recorded for 2010, 2011, and 2012. 2. Prepare all entries for 2010, 2011, and 2012 for Marco 3. Prepare Statement of Financial Position ends of 2010, 2012 and 2011 (if any) under Percentage of-completion- method, completed-contract method Income measurement and Profitability Analysis On February 1, 2010, Marcos Contractors agreed to construct a building at a contract price of $3,000,000 Marcos estimated total construction costs would be $2,000,000 and the project would be finished in 2012. Information relating to the costs and billings for this contract is as follows 20 incurred 201 to date $ 2010 Total 750,000 $1,320,000 $2,300,000 Estimated complete 1,250,000 880,0000 Customer date 1,100,0002,000,0003,000,000 Collections date 1,000,0001,750,0002,950,000 costs to to to costs billings Instructions 1. Fil in the correct amounts on the following schedule For percentage-of-completion and for completed-contract accounting, show the gross profit that should be recorded for 2010, 2011, and 2012. 2. Prepare all entries for 2010, 2011, and 2012 for Marco 3. Prepare Statement of Financial Position ends of 2010, 2012 and 2011 (if any) under Percentage of-completion- method, completed-contract method