Reference no: EM132597612
Question - On May 1, 2020, Jackson Construction Company contracted to construct a factory building for a total contract price of $9,600,000. The building was completed by May 31,2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below.
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2020
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2021
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2022
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Contract costs incurred during the year
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$3,400,000
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$2,400,000
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$2,900,000
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Estimated costs to complete the contract at Dec 31
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4,600,000
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3,100,000
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-0-
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Billings
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1,200,000
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4,100,000
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4,300,000
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(a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.)
(b) Using the completed-contract method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore incomes taxes.)"
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