In the first year, Blossom should recognize gross profit?(Do not round intermediate calculations.) Blossom Corporation uses the

In the first year, Blossom should recognize gross profit?(Do not round intermediate calculations.)

 

Transcribed Image Text:

Blossom Corporation uses the percentage-of-completion method. At the end of the first year of a $9048000 contract, the following information is available: Costs to date: $2019250 Estimated costs to complete 6057750 Progress billings during the year 1840000 Cash collected during the year 1534000 Blossom Corporation uses the percentage-of-completion method. At the end of the first year of a $9048000 contract, the following information is available: Costs to date: $2019250 Estimated costs to complete 6057750 Progress billings during the year 1840000 Cash collected during the year 1534000

Answer rating: 100% (QA)

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