Derrick Adkins Construction Company began operations in 2008. Construction activity for the first year is shown below. All contracts are with different customers, and any work remaining at December 31, 2008, is expected to be completed in 2009.

Instructions
Derrick Adkins Construction Company uses the completed-contract method. Determine the amount of income or loss to be reported for each of the three projects in2008.

Cash Collections through 12/31/08 Contract Costs Incurred through 12/31/08 $450,000 126,000 330,000 $906,000 Estimated Additional Costs to Complete $140,000 504,000 roct Pice 980,00 $340000 Total Contract Billings through 12/31/08 $ 560,000 360,000 $340,000 670,000 500,000 2 220,000 500,000 210,000 440,000 $80,000 $1,730,000 $1,080,000 $990,000