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ROGER CORP PREPARED THE FOLLOWING JOURNAL ENTRY IN 2019 REGARDING A PROJECT ACCOUNTED FOR UNDER THE PERCENTAGE OF COMPLETION METHOD: THE PROJECT WAS STARTED IN

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ROGER CORP PREPARED THE FOLLOWING JOURNAL ENTRY IN 2019 REGARDING A PROJECT ACCOUNTED FOR UNDER THE PERCENTAGE OF COMPLETION METHOD: THE PROJECT WAS STARTED IN 2018 AND WILL BE COMPLETED IN 2020. CONSTRUCTION IN PROGRESS 97,400 CONSTRUCTION EXPENSES 137,800 REVENUES FROM LT CONTRACTS 235,200 ROGER CORP AT THE END OF 2019 EXPECTS THE LIFETIME GROSS PROFIT ON THE PROJECT TO EQUAL $254,000. THE PROJECT IS 70 PERCENT COMPLETE AT THE END OF 2019. THE PROJECT WAS 30 PERCENT COMPLETE AT THE END OF 2018. REQUIRED: WHAT DID ROGER CORP EXPECT THE LIFETIME GROSS PROFIT ON THE PROJECT TO BE AT THE END OF 2018? (5 POINTS) HOW MUCH REVENUE DID ROGER REPORT FROM THE PROJECT IN 2018? (5 POINTS)

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