Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a...
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Accounting
Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.3 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
$623,000
$806,000
$675,900
Estimated costs to complete
1,487,000
671,000
0
Calculate the gross profit to be recognized each year using the completed-contract method.
2019
2020
2021
Revenue
$
$
$
Expenses
Gross Profit
$
$
$
Answer & Explanation
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