What will Citation report in its $2021$ income statement and $2021$ balance sheet related to the single$-$family home busi

cash in the balance sheet$)?$

Complete this question by entering your answers in the tabs below.

Req $12$A and

$2B$

Req $2C$

Req $3$A and

$3$B

Req $3$C

Req $4$hat$(f)$ and

$4$

Req $4$C

Req $5$

Req $6$A

Req $6$B

Assume the same information for $2021$ and $2022,$ but that as of year$-$end $2022$ the estimated cost to complete the office

building is $$12,600,000.$ Citation recognizes revenue over time according to percentage of completion for its office building

contracts. How much revenue related to this contract will Citation report in the $2022$ income statement? What is the amount

of gross profit or loss to be recognized for the Altamont contract during $2022?($Loss amounts should be indicated with a

minus sign.$)$

Costs incurred during the year

Estimated costs to complete as of year$-$end

Billings during the year

Cash collections during the year

Also during $2021,$ Citation began a development consisting of $12$ identicaltomes. Citation estimated that each home

$$960,000,$ but individual sales prices are negotiated with buyers. Deposits were received for eight of the homes, thre

completed during $2021$ and paid for in full for $$960,000$ each by the buyers. The completed homes cost $$720\mathrm{.}000$ ear

The construction costs incurred durina $2021$ for the