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thank you Wispering Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the
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Wispering Construction Company has entered into a contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $598.000 and will take 3 years to construct. The complex will be billed to the purchasing company at $897.000. The following data pertain to the construction period. 2020 2021 2022 Costs to date $275.080 5412620 $607.000 Estimated costs to complete 322.920 185.380 Progress billings to date 272.000 545,000 897.000 Cash collected to date 242.000 495.000 897,000 -0 (a) Using the percentage-ot-completion method compute the estimated gross pront that would be recognized during each year of the construction period. (If answer is O, please enter . Do not leave any fields blank) Gross profit recognized in 20205 Gross prot recognized in 2021 5 Gross profit recognized in 2022 $ Gross profit recognized in 2020 $ Gross proft recognized in 2021 $ Gross profit recognized in 2022 $ th) Using the completed-contract method, compute the estimated gross pront that would be recognized during each year of the construction period. (If answer is Q please enter 0. Do not leave any fields blank.) Gross profit recognized in 2020 Gross pront recognized in 2021 $ Gross pront recognized in 2022 5 e Textbook and Media Artmots of used Step by Step Solution
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