On April $1,2025,$ Ivanhoe Inc. entered into a cost plus fixed fee contract to construct an electric generator for Metlock Corporation. At the contract date, Ivanhoe estimated that it would take $2$ years to complete the project at a cost of $$2,200,000.$ The fixed fee stipulated in the contract is $$443,000.$ Ivanhoe appropriately accounts for this contract under the percentage$-$of$-$completion method. During $2025,$ Ivanhoe incurred costs of $$946,000$ related to the project. The estimated cost at December $31,2025,$ to complete the contract is $$1,254,000.$ Metlock was billed $$555,000$ under the contract.

Prepare a schedule to compute the amount of gross profit to be recognized by Ivanhoe under the contract for the year ended December $31,2025.($If an amount reduces the account balance then enter with negative sign., e$.$g$.-45$ or parentheses e$.$g$.(45).)$

IVANHOE INC.

Computation of Gross Profit to be Recognized on Uncompleted Contract

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