Question: Mallory Contractors received a contract to construct a cafeteria facility for $2,450. Construction began in 2023 and was completed in 2024. Cost and other data

Mallory Contractors received a contract to construct a cafeteria facility for

Mallory Contractors received a contract to construct a cafeteria facility for $2,450. Construction began in 2023 and was completed in 2024. Cost and other data are presented below: 2023 2024 $1,400 Costs incurred during the year Estimated costs to complete Billings during the year Cash collections during the year $1,600 1.100 1,225 0 1,225 1,325 1,125 1. Compute the amount of revenue and gross profit to be recognized during 2023 and 2024, assume that Mallory recognizes revenue (a) over time and (b) at a point in time. Round your answers to the nearest whole dollar. 2. Assume that Mallory recognizes revenue on this contract over time. Prepare a complete set of journal entries for 2023 and 2024. Round your answers to the nearest whole dollar 3. Assume that Mallory recognizes revenue on this contract at a point in time. Prepare a complete set of journal entries for 2023 and 2024. Round your answers to the nearest whole dollar

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