Need help with BE5-32

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LO5-8, LO5-9 Struclion contract account has a balance of $5,000. Indicate the amount of contract asset and/or contract liability that Cady would show in its December 31, 2018, balance sheet. BE 5-31 Long-term contract; revenue recognition over time; profit recognition .LO5-9 A construction company entered into a fixed-price contract to build an office building for $20 million. Construc- tion costs incurred during the first year were $6 million and estimated costs to complete at the end of the year were $9 million. The company recognizes revenue over time according to percentage of completion. How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract? CHAPTER 5 Revenue Recognition 279 BE 5-32 Long-term contract; revenue recognition over time, balance sheet L05-9 Refer to the situation described in BE 5-31. Assume that, during the first year the company billed its customer $7 million, of which $5 million was collected before year-end. What would appear in the year-end balance sheet related to this contract? BE 5-33 Long-term contract; revenue recognition upon completion L05-9 Refer to the situation described in BE 5-31. Assume that the building was completed during the second year, and construction costs incurred during the second year were $10 million. How much revenue and gross profit or loss will the company recognize in the first and second year if it recognizes revenue upon contract completion? BE 5-34 Long-term contract; revenue recognition; loss on entire project L05-9 Franklin Construction entered into a fixed-price contract to build a freeway-connecting ramp for $30 million. Construction costs incurred in the first year were $16 million and estimated remaining costs to complete at the end of the year were $17 million. How much gross profit or loss will Franklin recognize in the first year if it rec- ognizes revenue over time according to percentage of completion? What if instead Franklin recognizes revenue upon contract completion? Exercises