On March 1, 2025, Blossom Construction Company contracted to construct a factory building for Bridgeport Manufacturing...

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On March 1, 2025, Blossom Construction Company contracted to construct a factory building for Bridgeport Manufacturing Inc. for a total contract price of $8,430,000. The building was completed by October 31, 2027. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Bridgeport for 2025, 2026, and 2027 are given below. 2025 2026 2027 Contract costs incurred during the year $2,730,500 $2,344,500 $2,175,000 Estimated costs to complete the contract at 12/31 3,619,500 2,175,000 -0- Billings to Bridgeport during the year 3,210,000 3,500,000 1,720,000 (a1) Using the percentage-of-completion method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the year ended December 31, 2025. (anore income taxes. fanswer is 0. please enter Q. Do not leave any fields blank. Enter loss using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Costs to Date 12/21/25) Estimated Costs to Complete Eselmated Total Costs Percent Comp the 2025 5 S On March 1, 2025, Blossom Construction Company contracted to construct a factory building for Bridgeport Manufacturing Inc. for a total contract price of $8,430,000. The building was completed by October 31, 2027. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Bridgeport for 2025, 2026, and 2027 are given below. 2025 2026 2027 Contract costs incurred during the year $2,730,500 $2,344,500 $2,175,000 Estimated costs to complete the contract at 12/31 3,619,500 2,175,000 -0- Billings to Bridgeport during the year 3,210,000 3,500,000 1,720,000 (a1) Using the percentage-of-completion method, prepare a schedule to compute the profit or loss to be recognized as a result of this contract for the year ended December 31, 2025. (anore income taxes. fanswer is 0. please enter Q. Do not leave any fields blank. Enter loss using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Costs to Date 12/21/25) Estimated Costs to Complete Eselmated Total Costs Percent Comp the 2025 5 S

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To calculate the profit or loss recognized in 2025 using the percentageofcompletion method w... View the full answer