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Sunland Construction Company has entered Into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the
Sunland Construction Company has entered Into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $605,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,040,000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $272,250 $453.750 $615,000 Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date 332.750 272.250 555,000 1.040.000 242,250 505.000 1.040,000 151.250 0 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number es-45 or parentheses eg. (45)) 2020 Gross profit/(loss) $ eTextbook and Media List of Accounts 2021 2022 $ 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 Enter negative amounts using either a negative sign preceding the number eg-45 or parentheses eg (451) 2020 Gross profit/(loss) $ 2021 2022 $ $
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