Question: Crane Construction Co. uses the percentage-of-completion method. In 2021, Crane began work on a contract for $20800000; it was completed in 2022. The following cost

Crane Construction Co. uses the percentage-of-completion method. In 2021, Crane began

Crane Construction Co. uses the percentage-of-completion method. In 2021, Crane began work on a contract for $20800000; it was completed in 2022. The following cost data pertain to this contract: Year Ended December 31 2021 2022 Cost incurred during the year $6360000 $5480000 Estimated costs to complete at the end of year 5080000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2022 is $8960000. $4156364. $3756364. $3880000

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