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During 2020, Pharoah Company started a construction job with a contract price of $1,620,000. The...

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Accounting

During 2020, Pharoah Company started a construction job with a contract price of $1,620,000. The job was completed in 2022. The following information is available.

2020

2021

2022

Costs incurred to date

 $373,700 $902,000 $1,070,000

Estimated costs to complete

 636,300 198,000 0

Billings to date

 303,000 899,000 1,620,000

Collections to date

 273,000 807,000 1,412,000

Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Gross profit recognized in 2020

 $enter a dollar amountenter a dollar amount

image

Gross profit recognized in 2021

 $enter a dollar amountenter a dollar amount

image

Gross profit recognized in 2022

 $enter a dollar amountenter a dollar amount

image
Prepare the journal entries to record profit or loss, if any using the percentage-of completion-method and (B) the completed- contract method

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