Bailey Builders Corporation accepted a three-year, $1,000,000 fixed-fee contract to renovate a parking deck. Bailey uses the percentage-of-completion method and the cost-to-cost method of measuring progress. Information related to the construction contract follows.

Transcribed Image Text:

Contract price $1,000,000 2019 2020 2018 Actual construction costs incurred during the year Constriction co sts incurred in prior years Cumulat ve construction costs incurred to date Est mated costs to complete Est matedtola costs Progress bill ngs made dur ng the year Cash collections during the year $350,000 S 525,000 $ 50,000 875,000 350,000 925,000 350,000 875,000 450,000 25,000 900,000 800,000 925.000 200,000 500,000 300,000 250,000 400,000 350,000