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What total amount of revenue from long-term contracts

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Khodra Construction was contracted to construct an apartment complex for NDC. The contract calls for progress billings and payments of $620,000 each quarter. The total contract price is $7,440,000 and Khodra estimates total costs of $7,100,000. Further, Khodra estimates that the complex will take 3 years to complete.

Construction began on March 1, 2021. At December 31, 2021, Khodra estimated that construction was 30% complete based on costs incurred.

What total amount of Revenue from Long-Term Contracts was recognized for 2021 and what was the balance in the Accounts Receivable account assuming NDC had paid $1,800,000 thus far for 2021?

Reference no: EM133306423

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