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On February 1, 2022. Marsh Contractors agreed to construct a building at a contract price of $6,000,000. Marsh estimated total construction costs would be $4,000,000

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On February 1, 2022. Marsh Contractors agreed to construct a building at a contract price of $6,000,000. Marsh estimated total construction costs would be $4,000,000 and the project would be finished in 2024. Information relating to the costs and billings for this contract is as follows: 2022 2023 2024 Total costs incurred this year $1,300,000 $1,140,000 $1,960,000 Estimated costs to complete 2,500,000 1,760,000 -0- Customer billings to date 2,200,000 4,000,000 6,000,000 Collections to date 2,000,000 3,500,000 6,000,000 For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2022 2023, and 2024. Percentage-of-Completion Completed-Contract 2022 2023 2024

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