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Sunland Construction Company has entered into a contract beginning January 1, 2025, to build a parking complex. It has been estimated that the complex will
Sunland Construction Company has entered into a contract beginning January 1, 2025, to build a parking complex. It has been estimated that the complex will cost $602,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period. Your answer is correct. Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0 , please enter 0 . Do not leave any fields blank.) Gross profit recognized in 2025 $ Gross profit recognized in 2026 $ Gross profit recognized in 2027 $ eTextbook and Media Attempts: 2 of 3 used (b) Using the cost-recovery method, compute the estimated gross profit that would pe recognized during each year of the construction period. (If answer is 0 , please enter 0 . Do not leave any fields blank.) Gross profit recognized in 2025 $ Gross profit recognized in 2026 $ Gross profit recognized in 2027 $
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