Question: 1. Percentage-of-completion method. Dalton Construction Co. contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to

1. Percentage-of-completion method. Dalton Construction Co. contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to the construction are: 2010 2011 Costs incurred $1,650,000 $1,375,000 Estimated costs to complete 1,350,000 Dalton uses the percentage-of-completion method. Instructions (a) How much revenue should be reported for 2010? Show your computation. (b) Make the entry to record progress billings of $1,650,000 during 2010. (c) Make the entry to record the revenue and gross profit for 2010. (d) How much gross profit should be reported for 2011? Show your computation

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