Question 1: Franklin construction entered into a fixed price contract to build a freeway connecting ramp for $50 million. Construction cost incurred in the first year or $40 million in estimated remaining cost to complete at the end of the year were $25 million.

How much gross profit or loss for Franklin recognize in the first year if it recognizes revenue over time according to percentage of completion method?

How much gross profit or loss Franklin recognized in the first year applying the completed contract method?

Question 2: Brady construction company contracted to build an apartment complex for a price of $7 million. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered one through six, involving differing cost for project. All costs are stated in thousands of dollars.

Complete the following table. (do you not round intermediate calculations. Answer answers in dollars. Round your final answer is into the nearest whole dollar. Negative amount should be indicated by minus sign)

QUESTION 1: entered into a fixed-price contract to buid a f ing ramp for $50 mition Construction costs ncurred in the first year were $40 million and estimated remaining costs to complete at the end of the year were $25 milion How much gross profit or loss will Franklin recognize in the first year if t recognizes revenue over time according to percentage of completion method? (Enter your answer in millions How much gross proft or loss Will Franklin recognize in the fist year applyng the completed contract method? (Enter your a QUESTION 2: Brady Construction Company contracted to buid an apartment complex for a price of $7000000 was completed in 2020 The following is a series of independent situations project All costs are stated in thousands of dollans . Construction began in 2018 and numbered 1 through 6 involving difering costs for the Estimated Costs to Costs Incurred During Year Completse (As of the End of the Yeard 2 1700 1,500 3.200 4,230 3.200 3 1700 2,730 3,200 4,230 3300 4 700 3,200 1400 4,900 975 5 700 3,200 2,700 4,900 3300 6 700 3.200 3,800 6555 3.500- Required: Complete the following table. (Do not round intermediate calculation. Emerswers nearest whole dollar. Negative amounts should be indicated by a minus sign) dolan Round your mal answery to the Revenue Recognized Over Time Revenue