Calculate the revenue, expenses and gross profit

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Question - Blossom Construction entered into a contract to construct a bridge for a contract price of $2.40 million. Construction began in 2019 and was completed in 202 1. Below are the details of the transactions related to the contract:

 

2019

2020

2021

Costs incurred during the year

$623,000

$806,000

$675,900

Estimated costs to complete

1,377,000

571,000

0

Required - Calculate the revenue, expenses and gross profit to he recognized each year using the percentage-of-completion method.

Reference no: EM133094375

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