During 2020, Concord Corporation started a construction job with a contract price of $5.04 million...
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During 2020, Concord Corporation started a construction job with a contract price of $5.04 million Concord ran into severe technical difficulties during construction but managed to complete the job in 2022. The contract is non-cancellable. Under the terms of the contract, Concord sends billings as revenues are earned. Billings are non-refundable. The following information is available: 2020 2021 2022 $2,520.000 $4.940.000 Costs incurred to date Estimated costs to complete $720,000 3.780.000 2,520,000 0 Billings for the construction contract were as follows:2020, 5620.000,2021. $2,300,000, and 2022. $2.120,000 Calculate the balance of the Contract Asset Liability account at the end of each year using the percentage-of-completion method. (Do not leave any answer field blank. Enter for amounts) December 31, 2020 December 31, 2021 December 31, Balance of the Contract Asset Liability $ $ $ eTextbook and Media Calculate the balance of the Contract Asset Liability account at the end of each year using the zero-profit and completed contract methods. (Do not leave any answer field Blank Enter for amounts.) December 31, 2020 December 31, 2021 December 31, Balance of the Contract Asset Liability $ $
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