Determine the amount of gross profit or loss

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Reference no: EM13180298

On June 15, 2011, Sanderson Construction entered into a long-term construction contract to build a baseball stadium in Washington D.C. for $215 million. The expected completion date is April 1 of 2013, just in time for the 2013 baseball season. Costs incurred and estimated costs to complete at year-end for the life of the contract are as follows ($ in millions):

2011			2012			2013
Costs incurred during the year	$	40		$	80		$	50
Estimated costs to complete as of 12/31		120			60			-

Determine the amount of gross profit or loss to be recognized in each of the three years using the percentage-of-completion method.

Reference no: EM13180298

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