under the completed contract method

Construction signed an agreement with UP to build a new locomotive shed in Council Bluffs. The contract was signed on 1/1/2013 and set a price of 12,000 for the project. The following schedule provides some information about the project 2013 2014 2015 2016 Actual Costs Incurred During the Year 2,300 2,700 3,000 6,500 5,000 0 Estimated Costs to Complete In the following schedule enter the amounts of revenue and gross profit that will be recognized each year under 8,000 Percentage of Completion Method 2013 2014 2015 2016 Revenue to recognize Gross profit/(loss) to recognize Please show how costs and the recognition of revenue affect the CIP account, provide a balance for each year Construction in Process