Long-Term Contracts

Newberg Construction Corp. contracted to construct a building for $400,000. Construction began in 2019 and was completed in 2020. Data relating to the contract are as follows:

	Year Ended December 31,
		2019	2020
Costs incurred		$200,000	$110,000
Estimated costs to complete		100,000

Newberg determined that its performance obligation was satisfied over time.

Required

Newberg uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2019 and 2020, respectively, how much gross profit should Newberg report? If required, round percentage completed to one decimal place. When required, round dollar amounts to the nearest dollar.

	2019	2020
Costs incurred to date
Estimated costs to complete	$100,000
Percent completed
Estimated profit on contract
Gross profit to be recognized