intermediate accounting (1) ..

ch 18

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Exercise 18-26 During 2015, Nilsen Company started a construction job with a contract price of 1,600,000. The job was completed in 2017. The following information is available. 2015 400,000 600,000 300,000 270,000 2016 825,000 275,000 900,000 810,000 2017 1,070,000 Costs incurred to date Estimated costs to complete Billings to date Collections to date 1,600,000 1,425,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used 2015 2016 2017 Gross profit recognized