Question: Question 1 20 pts Willow Co. was contracted to construct a building for $20,000,000. Construction data are: Costs incurred during the year Estimated costs

Question 1 20 pts Willow Co. was contracted to construct a building

Question 1 20 pts Willow Co. was contracted to construct a building for $20,000,000. Construction data are: Costs incurred during the year Estimated costs to complete 2023 2024 $3,500,000 $2,750,000 2,500,000 The company uses the percentage-of-completion method. Instructions (a) How much revenue should be reported for 2023? Show your calculation. (b) Prepare the entry to record progress billings of $8,800,000 during 2023. (c) Prepare the entry to record the revenue and gross profit for 2023. (d) How much gross profit should be reported for 2024? Show your calculation. Edit View Insert Format Tools Table 12ptv Paragraph Y B T U A > >

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