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Question 1 (Long-term Contracts) (10 marks) (20 minutes) On June 30, 2022, Bianca Company enters into a three-year service contract at a contracted price of:

Question 1 (Long-term Contracts) (10 marks) (20 minutes)
On June 30, 2022, Bianca Company enters into a three-year service contract at a contracted price of: $5,200,000
You were provided with the following information about the contract:
2022 2023 2024
Costs incurred during the year $900,000 $2,050,000 $2,000,000
Expected costs to complete contract 3100000 2400000 0
Required -
Calculate and record the revenue and profit/loss in 2023 and 2024.

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