Question: Ivanhoe Construction entered into a contract to construct a bridge for a contract price of $2.80 million. Construction began in 2019 and was completed in

Ivanhoe Construction entered into a contract to construct a bridge for a contract price of $2.80 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract:

2019 2020 2021
Costs incurred during the year $653,000 $806,000 $709,900
Estimated costs to complete 1,436,600 541,000 0

Calculate the revenue, expenses and gross profit to be recognized each year using the percentage-of-completion method. (Round the percentage completion to 2 decimal places, e.g. 52.75% and other answers to 0 decimal places, e.g. 1,525.)

2019 2020 2021
Revenue $

$

$

Expenses

Gross Profit $

$

$

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