Question: During 2014, Bill Corp. started a construction job with a total contract price of $20,000,000. The job was completed on December 15, 2015. Additional data

During 2014, Bill Corp. started a construction job with a total contract price of $20,000,000. The job was completed on December 15, 2015. Additional data are as follows:

2014 2015

Actual costs incurred $5,000,000 $6,000,000

Estimated remaining costs 5,000,000

Billed to customer 4,800,000 9,200,000

Received from customer 4,000,000 9,600,000

REQUIRED:

(b)$_________________________________Under the completed-contract method, what amount should Bill recognize as revenue for 2015?

(b)$___________________________________Under the completed-contract method, what amount should Bill recognize as gross profit for 2015?

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