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On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,016,000 and
On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,016,000 and will take 3 years to complete. The contract price was $3,494,000. The following information pertains to the construction period.
| 2012 | 2013 | 2014 | ||||
| Costs to date | $624,960 | $1,430,650 | $2,048,000 | |||
| Estimated costs to complete | 1,391,040 | 584,350 |
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