Reference no: EM132406855
Question
Shanahan Construction Company has entered into a non-cancellable contract beginning January 1, 2020, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take three years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period.
2020 2021 2022
Costs to date
$270,000 $450,000 $610,000
Estimated costs to complete
330,000 150,0000 0 Progress billings to date (non-refundable)
270,000 550,000 900,000
Cash collected to date
240,000 500,000 900,000
Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period.
Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period.
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