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On February 1, 2020, Karsch Contractors agreed to construct a building at a contract price of $17,400,000. Karsch estimated total construction costs would be $12,000,000

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On February 1, 2020, Karsch Contractors agreed to construct a building at a contract price of $17,400,000. Karsch estimated total construction costs would be $12,000,000 and the project would be finished in 2022 information relating to the costs and billings for this contract is as follows: Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting show the gross profit that should be recorded for 2020.2021. and 2022. On February 1, 2020, Karsch Contractors agreed to construct a building at a contract price of $17,400,000. Karsch estimated total construction costs would be $12,000,000 and the project would be finished in 2022 information relating to the costs and billings for this contract is as follows: Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting show the gross profit that should be recorded for 2020.2021. and 2022

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