Question: I keep getting this wrong. Can someone please explain with work so I know why i keep getting it wrong Problem 18-11 Your answer is
I keep getting this wrong. Can someone please explain with work so I know why i keep getting it wrong
Problem 18-11 Your answer is partially correct. Try again. On July 1, 2020, Shamrock Construction Company Inc. contracted to build an ofce building for Gumbel Corp. for a total contract price of $1,900,000. On July 1, Shamrock estimated that it would take between 2 and 3 years to complete the building. On December 31, 2022, the building was deemed substantially completed. Following are accumulated contract costs incurred, estimated costs to complete the contract, and accumulated billings to Gumbel for 2020, 2021, and 2022. At At At 12/31/20 12/31/21 12/31/22 Contract costs incurred to date $266,400 $1,185,900 $2,109,700 Estimated costs to complete the contract 1,213,600 824,100 0 Billings to Gumbel 300,000 1,100,000 1,850,000 (a) Using the percentage-ofcompletion method, prepare schedules to compute the prot or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) (If answer is 0, please enter a. Do not leave any eld blank. If an amount should be deducted then enter the amount using either a negative sign prececeding the number e.g. -45 or parenthesis 9.9. (45).) 2020 ~/ Costs to date (12/31/20) $ 266400 ~/ 1213600 Estimated Costs to Complete Estimated Total Costs Percent Complete Revenue Recognized Costs Incurred Profit/ (Loss) Recognized in 2020 v Costs to date (12/31/21) Estimated Costs to Complete V Estimated Total Costs Contract Price k K K (N