On February 1, 2017, Mint Contractors agreed to construct a building at a contract price of $17,400,000. Mint estimated total construction costs would be $12,000,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows:

201720182019

Total costs incurred to date$4,500,000$7,920,000$13,800,000

Estimated costs to complete7,500,0005,280,000-0-

Customer billings to date6,600,00012,000,00016,800,000

Collections to date6,000,00010,500,00016,500,000

Instructions

Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, showALL WORKshow the gross profit that should be recorded for 2017, 2018, and 2019. (15 points)

Percentage-of-CompletionCompleted-Contract

Gross ProfitGross Profit

2017___________2017___________

2018___________2018___________

2019___________2019___________

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