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LURL Exercise 1.3: Anwood Construction Company recognizes revenue over time according to percentage of completion...

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Accounting

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LURL Exercise 1.3: Anwood Construction Company recognizes revenue over time according to percentage of completion for its long-term construction contracts. During 2016, Anwood began work on a $3,000,000 fixed-fee construction contract, which was completed in 2019. The accounting records disclosed the following data at yeyr-end: er +Hong tibh lux p.Suh CP vas trik c Rothanh to Year Cumulativerontract cet incurred Estimated cost to complete 200.00 % 2016 $200.000 $ 1.800.000 Jon 2017 S1.100.000 $1.100.000 > - 3.00 2018 $2.000.000 $400.000 - 30 2019 $2.200.000 Required: What the amount of gross profit on this contract should Anwood have recognized from 2016 to 2019 -> Groes pregit = 300.000 - 200 CD

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