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Question - Carla Vista 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 $620,000 and will take three years to construct. The complex will be billed to the purchasing company at $970,000. The following data pertain to the construction period.
2020
2021
2022
Costs to date
$279,000
$465,000
$630,000
Estimated costs to complete
341,000
155,000
0
Progress billings to date (non-refundable)
279,000
570,000
970,000
Cash collected to date
249,000
520,000
Required -
1) Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period.
2) Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period.
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