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Pr2 Dalton Construction Co. contracted to build a bridge for $8,000,000. Construction began in 2014 and was completed in 2015. Data relating to the construction

Pr2 Dalton Construction Co. contracted to build a bridge for $8,000,000. Construction began in 2014 and was completed in 2015. Data relating to the construction are: 2014 2015 Costs incurred $2,640,000 $2,200,000 Estimated costs to complete 2,160,000 Dalton uses the percentage-of-completion method. Instructions (a) How much revenue should be reported for 2014? Show your computation. (b) Make the entry to record progress billings of $3,300,000 during 2014. (c) Make the entry to record the revenue and gross profit for 2014. (d) How much gross profit should be reported for 2015? Show your computation.

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