Question: Clay Company uses the completed contract method on a contract that requires 14 months to complete. The contract is for $540,000 and has estimated costs

Clay Company uses the completed contract method on a contract that requires 14 months to complete. The contract is for $540,000 and has estimated costs of $280,800. At the end of 2022, $115,128 of the costs had been incurred. The contract is completed on schedule; however, total costs equal $290,800.

Required:

What is the amount of AMT adjustments for 2022 and 2023?

Note: Round completion ratio to 3 decimal places. Negative amounts should be indicated by a minus sign.

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