Required information [The following information applies to the questions displayed below.] During 20x2, Long Construction Corporation entered into a fix price contract to construct a two-lane bridge for $10,000,000. The bridge was completed in 20x4. Information related to the contract is as follows: 20x2 Cost incurred during the year $2,523,000 20x3 $3,177,000 20x4 $1,980,000 Estimated costs to complete as of year-end Billings during the year 6,177,000 1,800,000 2,070,000 Cash collections during the year 1,835,000 3,630,000 4,300,000 3,400,000 4,765,000 43 Long recognizes revenue over time according to percentage of completion. Required: 1. Calculate the amount of revenue and gross profit (loss) to be recognized in each of the three years. (Do not round intermediate calculations. Loss amounts should be indicated with a minus sign.) 20x2 Revenue Gross profit (loss) 20x3 20x4 < Prev 11 12 of 16 Next >