Newberg Construction Corporation contracted to construct a build

Newberg Construction Corporation contracted to construct a building for $400,000. Construction began in 2007 and was completed in 2008. Data relating to the contract are as follows:


Newberg Construction Corporation contracted to construct a build



Required
Newberg uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2007 and 2008, respectively, how much income should Newbergreport?

Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...

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