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Calculate the estimated gross profit

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Daisy Construction Ltd. has entered into a contract beginning January 1, 2014, to build a parking complex. It has estimated that the complex will cost 8 million and will take 3 years to construct

The complex will be billed to the purchasing company at $11.0 million. Details are as follows:

2014    2015                    2016

Costs to date $3,060,000 $6,435,000 $8,450,000

Estimated costs to complete 4,595,400 1,879,565 -0

Progress billings to date 4,000,400 6,300,000 11,000,000

Cash collected to date 3,500,400 5,000,000 11,000,000

Under the earnings approach: using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Round percent complete to 2 decimal places)

Reference no: EM131822582

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