P8-8 (similar to) EO Barnet Contractors signed a contract to construct a storage facility for RTL Manufacturing, Inc. The fixed-tee contract specifies that the facility is to be completed in three years. Barnet uses the completed-contract method to report its long-term contracts. Information related to this contract is Summarized in the table below. 11: (Click the icon to view the contract information) Barnet Contractors calculated the gross profit and not asset (lability) position under the percentage-of-completion method (Click the loon to view the gross profit and not asset (kablity position under the percentage-of-completion method.) Read the requirements Requirement a Compute the gross profit and revenue to be recognized each year of the contract Use the table below to calculate the gross profit and revenue to be recognized in each respective year. (Enter a "O" for any zero amounts) Gross profit recognition 2015 2016 2017 Current year revenue Current year gross profit 1 pt Data Table Reference 2017 Contract price $ Construction in Progres Billings on Construction in Progress 2015 1.228,800 $ (550,000) 678,800 $ 2016 1.500.000 $ (1.234.000 302,000 $ Not Assy $ Actual construction costs incurred during the year Construction costs incurred in po years Cumulative construction costs incurred to date Estimated costs to complete Estimated t o Progress ng made during the year Cashcochons une $ 1.920.000 2015 2016 2017 $ 800,000 $ 307,200 $ 412,600 0$ 300,000 $ 1.107.200 5 800.000 $ 1.107.200 $ 1,520.000 $ 450.000 $ 276.000 $ 1.250.000 5 1,364,000 $ 1.520.000 $ 550,000 $ 4.000 $ 636,000 $ 50.000 $ 4.000 $36.000 GIOS prontrocognized in the current year $ 428.800 S 05 (28.800) Print