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Find how much is the realized gross profit

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MM inc works on a 10,500 contract in 2022 to construct an office building. During 2022, MM inc. uses the cost to cost method. At December 31,2022 the balances in certain accounts were:

Construction in progress- 3,780,000

Accounts Receivable- 360,000

billings on construction in process-1,800,000

Mobilization fee- 140,000

At December 31, 2020 the estimated cost at completion is 7,350,00

Question 1: How much is the realized gross profit in 2022?

Reference no: EM132597546

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