Reference no: EM132652152
Question - On January 1, 2017 brave construction corp. began constructing a 2,100,000 contract. The following are relevant information provided by the corporation. Brave uses the percentage of completion method. For the ended December 31, 2018, brave construction billed its client an additional 55% of the contract price
2017 2018 2019
Construction in progress 441,000 ? ?
Estimated cost to complete ? ? -
Cost incurred 425,250 969,000 675,750
Excess of CIP over billings (84,000) (330,750) -
Required -
How much is the estimated remaining cost in 2017?
How much is the realized gross profit (loss) in 2018?
How much is the balance of construction in progress in 2018?
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