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Sunland Construction Company has entered into a non-cancellable contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex
Sunland Construction Company has entered into a non-cancellable contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $672,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,008,000. The following data pertain to the construction period. 2019 $683,200 2017 $302,400 369,600 302,400 268,800 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date 2018 $504,000 168,000 616,000 560,000 0 1,008,000 1,008,000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter o for amounts.) 2017 2018 2019 Gross profit recognized Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter o for amounts.) 2017 2018 2019 Gross profit recognized $
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