During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job...
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During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $366,300 $772,100 $1,063,000 Estimated costs to complete 623,700 330,900 -0- Billings to date 300,000 909,000 1,610,000 Collections to date 271,000 807,000 1,424,000 (a) Your answer is incorrect. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 Gross profit recognized in 2026 A 0 During 2025, Ivanhoe Company started a construction job with a contract price of $1,610,000. The job was completed in 2027. The following information is available. 2025 2026 2027 Costs incurred to date $366,300 $772,100 $1,063,000 Estimated costs to complete 623,700 330,900 -0- Billings to date 300,000 909,000 1,610,000 Collections to date 271,000 807,000 1,424,000 (a) Your answer is incorrect. Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2025 Gross profit recognized in 2026 A 0
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