On February 1, 2023, Cullumber Contractors agreed to construct a building at a contract price of...

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On February 1, 2023, Cullumber Contractors agreed to construct a building at a contract price of $5,940,000. Cullumber estimated total construction costs would be $4,112,000 and the project would be finished in 2025. Information relating to the costs and billings for this contract is as follows: 2023 2024 2025 Total costs incurred to date $1,542,000 $2,724,000 $4,670,000 Estimated costs to complete Customer billings to date 2,570,000 1,816,000 P- 2,340,000 4,112,000 5,740,000 Collections to date 2,140,000 3,640,000 5,640,000 Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and cost-recovery accounting, show the gross profit that should be reported for 2023, 2024, and 2025. Percentage-of-Completion Gross Profit Cost-Recovery Gross Profit 2023 2024 2025 SA $ SA tA $ 2023 $ 2024 2025 SA $ On February 1, 2023, Cullumber Contractors agreed to construct a building at a contract price of $5,940,000. Cullumber estimated total construction costs would be $4,112,000 and the project would be finished in 2025. Information relating to the costs and billings for this contract is as follows: 2023 2024 2025 Total costs incurred to date $1,542,000 $2,724,000 $4,670,000 Estimated costs to complete Customer billings to date 2,570,000 1,816,000 P- 2,340,000 4,112,000 5,740,000 Collections to date 2,140,000 3,640,000 5,640,000 Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and cost-recovery accounting, show the gross profit that should be reported for 2023, 2024, and 2025. Percentage-of-Completion Gross Profit Cost-Recovery Gross Profit 2023 2024 2025 SA $ SA tA $ 2023 $ 2024 2025 SA $