Question Heston Preskell, Inc., a commercial contractor, signed a contract during Year 1 for $805,000 to build an office building for the YMCA. Heston Preskell completed 30% of the work during Year 1 and the remaining 70% during Year 2. The cost of acquired production materials during Year 1 by Heston Preskell was $195,000 and an additional $330,000 during Year 2. Heston Preskell billed the YMCA $225,000 in Year 1 and the final $580,000 in Year 2. The YMCA paid $210,000 in Year 1, $440,000 in Year 2, and the balance in Year 3. Heston Preskell uses the percentage of completion method of revenue recognition.

Answer ALL of the following:

(1) Calculate the Account Receivable amount for the year ending December 31, Year 1:

(2) Calculate the Production in Progress amount for the year ending December 31, Year 1:

(3) Calculate the Revenue recognized amount for the year ending December 31, Year 1:

(4) Calculate the Gross Profit amount for the year ending December 31, Year 1:

DO NOT USE DOLLAR SIGNS IN YOUR ANSWER DO NOT USE A COMMA SEPERATOR AND DO NOT USE A DECIMAL