Question: Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work on a contract for $22100000; it was completed in 2025. The following

Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work

Cullumber Construction Co. uses the percentage-of-completion method. In 2024, Cullumber began work on a contract for $22100000; it was completed in 2025. The following cost data pertain to this contract: Year Ended December 31 2024 2025 Cost incurred during the year $7878000 $5653000 Estimated costs to complete at the end of year 5252000 If the cost-recovery method of accounting was used, the amount of gross profit to be recognized for years 2024 and 2025 would be O 2024 2025 $0. $8569000. $0. $8970009. $8970000

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