Please solve before 11:45 pm ET using financial formulas in Excel

c)

Deluxe Printing Co sets up a contract with Office Market.

Deluxe Printing Co will sell equipment with a $750,000 fair market value and supplies with a $200,000 fair market value for 1/2/2013.

Office Market will pay Deluxe Printing Co. a downpayment for the supplies and a payment per quarter for 7 quarters. Interest rate = 8%.

After discounting the contract price to present value, it is $910,000. The supplies is one performance obligation and the equipment is another performance obligation.

Calculate the revenue Deluxe Printing Co. should record for justthe equipment.

Please solve using Excel financial formulas wherever it applies and show work in Excel. d)

Johnson Construction sets up a contract with Julian Properties 7/1/2013.

Johnson Construction will complete the project in a 18 months (see table for details).

Johnson Construction uses the %-age of completion method.

Calculate the amount Johnson should record for gross profit.

Please solve using Excel financial formulas wherever it applies and show work in Excel.

Price of contract	$5,000,000
Estimated cost to complete at 7/13/13	$3,000,000
Cost incurred on project 2013	$1,250,000
Estimated cost at 12/31/13 to complete	$1,700,000
Amount billed to Johnson under contract	$1,000,000