Question: Use excel formulas. Problem 1 A Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2021 and was completed in 2022. A

Use excel formulas. Problem 1 A Construction Co. contracted to build a Use excel formulas.

Problem 1 A Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2021 and was completed in 2022. A Co. uses the percentage-of-completion method. Data relating to the construction are: 2021 2022 Costs incurred during the year $3,250,000 $2,750,000 Estimated costs to complete 3,000,000 Instructions (a) How much revenue and gross profit should be reported for 2021? Show your computation. (b) Make the entry to record progress billings of $4,150,000 during 2021. (c) Make the entry to record the revenue and gross profit for 2021. (d) How much gross profit should be reported for 2022? Show your computation. Problem 1 A Construction Co. contracted to build a bridge for $10,000,000. Construction began in 2021 and was completed in 2022. A Co. uses the percentage-of-completion method. Data relating to the construction are: 2021 2022 Costs incurred during the year $3,250,000 $2,750,000 Estimated costs to complete 3,000,000 Instructions (a) How much revenue and gross profit should be reported for 2021? Show your computation. (b) Make the entry to record progress billings of $4,150,000 during 2021. (c) Make the entry to record the revenue and gross profit for 2021. (d) How much gross profit should be reported for 2022? Show your computation

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