ncurred actual costs of 54.65 million and on June 30, 2019, the firm of J. Graham & Associates determine emainder of the project. Actual costs incurred during the year to June 30, 2020, amounted to $4.665 million construction contract revenue Report the entre amount of me 3. Report the remote proport c revenue in proportion to the amount of work com 4 Report the renovation revenue in proportion to the amount of cash set of statements do you believe best reflects the results of Columbia Homes, Inc. for 2020? Why? Prepare the balance sheets and income statements that would result under each of the four approaches Revenue Recognition at a Point in Time versus Revenue Recognition Over Time. The Marken pny won a contract to build a shopping center at a price of $300 million. The following schedule det estimated and actual costs of construction and the actual cash collections under the contract 1. Prepare an income statement for the Markert Company for each year assuming that the com Required Year Year 2 Year 3 Yoara Required Estimated (Actual) Costs of Construction $ 40,000,000 60,000,000 70,000,000 30,000,000 $200,000,000 Cash Collections from Customer $ 60,000,000 75,000,000 75,000,000 90,000,000 $300,000,000 at the project had attained at least a 60 percent completion level. By May 2020, BCC had completed the recognizes revenue at a point in time. 2. Prepare an income statement for the Markert Company for each year assuming that the compe, recognizes revenue over time. 3. Which set of income statements best reflects the actual performance of the Markert Company? Why? Revenue Recognition Under Long-Term Construction Contracts. In June 2018, Bonded Construction Company (BCC) was hired by the City of Phoenix, Arizona, to assist in constructing its new Trade Center complex. The construction agreement called for work to begin no later than August 2018 and required Bonded to construct the concrete frame for the complex. Under the terms of the three-year contract, BCC was to receive a total of $15 million in cash payments from the City of Phoenix, to be paid as follows: 25 percent when the project was 30 percent complete, 25 percent when the project was 60 percent complete, and the remaining 50 percent, when the project was fully complete. The contract required that BCC's completion estimates be certified by an independent engineering consultant before any cash progress payments would be made, assuming no cost overruns. During the first year of the contract, BCC incurred actual costs of $3.735 million, In preparing its bid. Bonded estimated that the total cost to complete the project would be $12.45 million and on June 30, 2018, the engineering firm of 1. Graham & Associates determined that the project had attained 30 percent completion level . (BOC's fiscal year run from July 1 to June 30.) In the following year BOC a certification for the fully completed . equired Assuming that BCC had no other sources of revenue or expenses reported for the years ended June 30, 2018 method