In early 2023, Ecotravel Corp. won a contract to build a rapid transit line along the...

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In early 2023, Ecotravel Corp. won a contract to build a rapid transit line along the Broadway corridor. The contract was for $2 billion to be received over the construction period of six years, ending in November 2029. Ecotravel has a December 31 year-end and uses the percentage of completion method to account for long-term contracts. Required Requirement a (i). Ecotravel's management expects the gross margin on the total project to be 20% and that $400 million would be incurred on the project by December 31, 2023. How much gross profit (or loss) will Ecotravel record in the 2023 fiscal year if management's estimates are accurate? (Enter a "0" for any zero balances. Enter amounts in millions. Use a minus sign or parentheses to enter a loss.) Estimated gross profit 400 80 Percent complete (or 100% if an estimated loss) Gross profit to date 320 0 Less: gross profit previously recognized Current gross profit (loss) 320 In early 2023, Ecotravel Corp. won a contract to build a rapid transit line along the Broadway corridor. The contract was for $2 billion to be received over the construction period of six years, ending in November 2029. Ecotravel has a December 31 year-end and uses the percentage of completion method to account for long-term contracts. Required Requirement a (i). Ecotravel's management expects the gross margin on the total project to be 20% and that $400 million would be incurred on the project by December 31, 2023. How much gross profit (or loss) will Ecotravel record in the 2023 fiscal year if management's estimates are accurate? (Enter a "0" for any zero balances. Enter amounts in millions. Use a minus sign or parentheses to enter a loss.) Estimated gross profit 400 80 Percent complete (or 100% if an estimated loss) Gross profit to date 320 0 Less: gross profit previously recognized Current gross profit (loss) 320