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What haven should report gross profit of

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Haven Corp. contracted to construct a building for $750,000. Construction began in 2020 and was completed in 2021. Data relating to the contract follow:

Year Ended December

31

                                                  2020                        2021

Costs incurred                     $300,000                $230,000

Estimated costs to complete  $200,000                       -

Question 1: Haven uses the percentage-of-completion method. For the calendar years 2020 and 2021, respectively, Haven should report gross profit of

a. $150,000 and $70,000.

b. $450,000 and $300,000.

c. $135,000 and $85,000.

d. $0 and $220,000.

Reference no: EM132484574

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