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Ivanhoe Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex, It has been estimated that the complex
Ivanhoe Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex, It has been estimated that the complex will cost $620,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,030,000. The following data pertain to the construction period. 2020 2021 $279,000 $465,000 341,000 155,000 2022 $630,000 Costs to date 0 Estimated costs to complete Progress billings to date (non-refundable) 279,000 570,000 1,030,000 Cash collected to date 249,000 520,000 1,030,000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number e.3. -45 or parentheses es. (45).) 2020 2021 2022 Gross proft/(loss) $ $ Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter for amounts. Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.s. (45).) 2020 2021 2022 Gross profit/(loss) $ $
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