Selleroy Builders accepts a contract with Schultz Stores to construct a strip mall on Route 3 on January 2, 2022 The builder accepts a foced fee of $9,510,000 and must complete the project within three years. Costs incurred, estimated total costs, billings, and cash collections are summarized in the following table Click the icon to view the contract information) (Click the icon for additional information) Read the requirement 2024 Begin by completing the table below (Use parentheses or a minus sign for a loss) Revenue and Gross Profit Recognition 2022 2023 Estimated total revenue Percent complete Cumulative revenue Revenue recognized in prior years Current your revenue Less Actual costs Gross profitoss) recognized in the current year - X Contract Information 2022 2023 2024 Actual construction costs incurred during $ 1,560,000 $ 7,100,000 $ 520,000 the year Estimated costs to complete Progress bilings made during the year Cash collections during the year 7,300,000 4,300,000 3.170,000 500,000 0 3,700,000 1,510,000 3.170,000 3,170,000 - X Data Table Print Done The arrangement meets the criteria for recognizing revenue over time, and Selleroy Builders uses the percentage of completion method of accounting It determines percent complete using the percentage of the square feet that it has completed. The strip mall will be a total of 44,000 square feet. The table below summarizes the square footage completed each year 2022 2023 2024 Cumulative square feet completed 17,600 26.400 44 000 Print Done Calculator Ask My Instructor Print AI