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What is the revenue and gross profit

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Question - Central Home Builders Corp. executes a construction contract for $4,500,000. The total estimated construction cost for the contract is $4,000,000. The company provides the following additional information:

Year 1

Year 2

Year 3

Costs incurred to date

$1,000,000

$2,000,000

$1,000,000

Progress billings during year

900,000

2,400,000

1,200,000

Cash collected during year

750,000

1,750,000

125,000

What is the revenue and gross profit that Central Home Builders should recognize, respectively, for Year 2 under the percentage-of-completion method?

Reference no: EM132089166

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