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Question - In January, 2020 Miller Corp. was awarded a contract to build a bridge in Halifax at a total contract price of $12,000,000. The estimated total costs to complete the project were $8,400,000. Miller uses the percentage-of-completion method for all such contracts.
Construction started in early 2020 and was completed in 2021. The following additional information is available:
2020
2021
Costs incurred to date
$4,200,000
$3,900,500
Estimated costs to complete
3,800,000
0
Amount billed customer
5,100,000
4,900,000
Collections during the year
3,500,000
4,500,000
Instructions -
a) How much revenue should Miller report for 2020 and 2021?
b) How much Gross Profit should Miller recognize in 2020 and 2021?
c) Prepare the revenue and expense entries for 2020. Other entries are not required.
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