Question: Beta entered into a contract to install a pipeline for a fixed price of 500,000. Beta recongizes revenue on a percentage of completion. The following

Beta entered into a contract to install a pipeline for a fixed price of 500,000. Beta recongizes revenue on a percentage of completion. The following summarizes costs for the life of the project:

Costs incurred Year 1: 75,000 Year 2: 250,000. Year 3: 250,000

Est costs to complete. Year 1: 300,000 Year 2: 225,000 Year 3: 0

19, In year 2, Beta would report how much gross profit or loss? 20. In year 3, Beta would report how much gross profit or loss?

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