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What amount of revenue should downtown recognize

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Question - Downtown Company has consistently used the percentage-of-completion method of recognizing income. In 2018, Downtown started on an $18,000,000 construction contract that was completed in 2020. The following information was taken from Downtown's 2018 accounting records:

Progress billing $6,600,000

Costs incurred $5,400,000

Collections $4,200,000

Estimated costs to complete $10,800,000

Required - What amount of revenue should Downtown recognize on the contract in 2018?

Reference no: EM133078087

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