Computing Revenues on Long-term Projects

Computing Revenues on Long-term Projects Bartov Corporation agreed to build a warehouse for $2,500,000. Expected (and actual) costs for the warehouse follow: 2019, $400,000; 2020, $1,000,000; and 2021, $500,000, The company completed the warehouse in 2021. Compute revenues, expenses, and income for each year 2019 through 2021 assuming that Bartov's performance obligation for the warehouse is fulfilled over time and that the costs incurred provide a close approximation of the value conveyed to the customer. Round percentages to the nearest whole percent. Use rounded percentages to calculate subsequent answers. % of total Vear Costs incurred expected costs Revenue Income 2019 S 400,000 V 21% v 5 526,315.79 at $ 126,315.79 X 2020 1,000,000 v 53% v 1,315,789.47 x 315,789.47 x 2021 500,000 V 26% '1 $ 657,894.74 x 157,894.74 X is 1,900,000 J $ 2,500,000 v 3; 600,000 V