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On march 1 2012 chance company entered into a contract to

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On March 1, 2012, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,172,000 and will take 3 years to complete. The contract price was $3,121,000. The following information pertains to the construction period.

2012

2013

2014
Costs to date
$673,320
$1,602,840
$2,014,000
Estimated costs to complete
1,498,680
563,160
-0-
Progress billings to date
855,000
1,853,000
3,121,000
Cash collected to date
810,000
1,707,000

3,009,000

Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Reference no: EM13586030

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