Beck Construction Company began work on a new building project on January 1, 2023. The project...

 

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Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $117 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff: Years Actual costs incurred in each year $ 51 million $ 33 million Estimated remaining costs to complete the project (measured at December 31 of each year) $ 66 million 2023 2024 2025 Required: $ 38 million $ 51 million $8 million What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (ie., 10,000,000 should be entered as 10). Years 2023 Gross Profit (or Loss) recognized million 2024 million 2025 million Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $117 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff: Years Actual costs incurred in each year $ 51 million $ 33 million Estimated remaining costs to complete the project (measured at December 31 of each year) $ 66 million 2023 2024 2025 Required: $ 38 million $ 51 million $8 million What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (ie., 10,000,000 should be entered as 10). Years 2023 Gross Profit (or Loss) recognized million 2024 million 2025 million