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On February 1, 2020. Vaughn Contractors agreed to construct a building to contract price of 15,830,000. Vaughn estimated total construction costs would be $4,024,000 and

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On February 1, 2020. Vaughn Contractors agreed to construct a building to contract price of 15,830,000. Vaughn estimated total construction costs would be $4,024,000 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follow 2020 2021 2022 Total costs incurred to date $1,509,000 $2,658,000 $4,615,000 Estimated costs to complete 2,515,000 1.772,000 -0- Customer bi to date 2.230,000 4,024,000 5,630,000 Collections 2,030,000 3,530,000 $530,000 Filt in the correct amounts on the following schedule. For percentage-of-comeletion accounting and for completed contract accounting, show the gross profetit should be recorded for 2020, 2021, and 2022 Percentage-of-Completion Gross Profit Completed Contract Gross Profit 2020 2020 5 2021 2021 5 2022 2022 $ 5

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