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On February 1,2023, Blossom Contractors agreed to construct a building at a contract price of $2,800,000. The total estimated construction costs would be $1,500,000 and
On February 1,2023, Blossom Contractors agreed to construct a building at a contract price of $2,800,000. The total estimated construction costs would be $1,500,000 and the project would be finished in 2025 . Information relating to the costs and billings for this contract is as follows: Caiculate the gross profit/ (loss) that should be recognized for 2023, 2024, and 2025 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number es. 45 or parentheses e.g. (45). Round percentage complete to 1 decimal place, es. 15.2% and final answers to 0 decimal places, e.g. 5. 125.)
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