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What amount of gross profit would beck record

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Question - Beck Construction Company began work on a new building project on January 1, 2020. The project is to be completed by December 31, 2022, for a fixed price of $137 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff:

Years Actual costs incurred in each year Estimated remaining costs to complete the project (measured at Dec. 31 of each year)

2020 $38 million $76 million

2021 $61 million $61 million

2022 $43 million $0

Required - What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project?

Reference no: EM133020489

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