Question: Case 6 ABC Co. started work on two separate projects during 2021. Information on these projects is shown below: Contract price Costs incurred Project A

Case 6 ABC Co. started work on two separate projects during

Case 6 ABC Co. started work on two separate projects during 2021. Information on these projects is shown below: Contract price Costs incurred Project A Estimated costs to complete 2,000,000 9,000,000 8,000,000 4,000,000 5,000,000 Progress billings 5,000,000 8,000,000 B 11. How much is the total balance of the construction in progress accounts as of December 31, 2021 under percentage of completion method? 12. How much is the Profit or (Loss) for the year

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