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Question 9 During 2020, Oriole Company started a construction job with a contract price of $1,312,000. The job was completed in 2022. The following information

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Question 9 During 2020, Oriole Company started a construction job with a contract price of $1,312,000. The job was completed in 2022. The following information is available. The contract is non-cancellable. 2020 2021 2022 Costs incurred to date $328,000 $676,500 $877,400 Estimated costs to complete 492,000 225,500 0 Billings to date (non-refundable) 246,000 738,000 1,312,000 Collections to date 221,400 664,200 1,168,500 (a) Calculate the amount of gross profit to be recognized each year, assuming the percentage of completion method is used. (Enter negative amounts using either a negative sign preceding the number eg. 45 or parentheses e.g. (45).) 2020 2021 2022 Gross profit/ (los) Attempts: O of I used SUBMIT

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