You are presented with the following information for Millertown Limited. The company uses the percentage of completion method. You are to calculate the amounts for Millertown in the grid below. You must show calculations to support your answers. Journal entries are not required.

You must show calculations to support your answers for parts a) through e).

In the space below, calculate amounts for a) to e) and label your calculations:
a) percent complete end of year one
b) percent complete end of year two
c) revenue recognized on year one income statement
d) revenue recognized on year two income statement
e) contract asset end of year two