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Question - Pharoah Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1150000 each quarter. The total contract price is $13800000 and Pharoah estimates total costs of $17350000. Pharoah estimates that the building will take 3 years to complete, and commences construction on January 2, 2018.
At December 31, 2019, Pharoah Construction estimates that it is 75% complete with the building; however, the estimate of total costs to be incurred has risen to $17600000 due to unanticipated price increases. Pharoah Construction completes the remaining 25% of the building construction on December 31, 2020, as scheduled. At that time the total costs of construction are $18350000. What is the total amount of Revenue from Long-Term Contracts and Construction Expenses that Pharoah will recognize for the year ended December 31, 2020?
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