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A construction company entered into a fixed-price contract to build an office building for $44...

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Accounting

A construction company entered into a fixed-price contract to build an office building for $44 million. Construction costs incurred during the first year were $14 million and estimated costs to complete at the end of the year were $21 million. How much revenue will appear in the companys income statement in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.) How much gross profit or loss will the company recognize in the first year using the percentage-of-completion method? (Enter your answer in whole dollars.)

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