Question 25

On February 1, 2017, Marsh Contractors agreed to construct a building at a contract price of $5,940,000. Marsh estimated total construction costs would be $4,112,000 and the project would be finished in 2019. Information relating to the costs and billings for this contract is as follows:

		2017		2018		2019
Total costs incurred to date		$1,542,000		$2,724,000		$4,670,000
Estimated costs to complete		2,570,000		1,816,000		-0-
Customer billings to date		2,340,000		4,112,000		5,740,000
Collections to date		2,140,000		3,640,000		5,640,000

Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and for completed-contract accounting, show the gross profit that should be recorded for 2017, 2018, and 2019.