Question: Haven Corp. contracted to construct a building for $750,000. Construction began in 2020 and was completed in 2021. Data relating to the contract follow: Year

Haven Corp. contracted to construct a building for $750,000. Construction began in 2020 and was completed in 2021. Data relating to the contract follow:

Year Ended December 31 2020 2021

Costs incurred $300,000 $230,000

Estimated costs to complete$200,000

Haven uses the percentage-of-completion method. For the calendar years 2020 and 2021, respectively, Haven should report gross profit of?

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