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What is the percentage of completion

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Question - On January 2, 2011, a fire gutted the office building of BM Construction Company and destroyed all the files in the accountant's desk. The president of the company has contracted you to help reconstruct the contract information. The following date were taken from the salvaged files:

 

12/31/2009

12/31/2010

Architect's estimated cost to complete

12,450,000

3,000,000

Costs incurred

 

3,700,000

Percentage of completion

 

60%

Income recognized to date

500,000

1,200,000

Required - What is the percentage of completion in 2009 of this constructive contract?

Reference no: EM132602290

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