Question: Sheridan Construction entered into a contract to construct a bridge for a contract price of $2.85 million. Construction began in 2019 and was completed
Sheridan Construction entered into a contract to construct a bridge for a contract price of $2.85 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract: 2019 2020 2021 Costs incurred during the year $655,000 $834,000 $709,900 Estimated costs to complete 1,441,000 511,000 0 Calculate the revenue, expenses and gross profit to be recognized each year using the percentage-of-completion method. (Round the percentage completion to 2 decimal places, eg. 52.75% and other answers to O decimal places, e.g. 1,525.) Revenue Expenses Gross Profit $ 2019 2020 2021
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