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On February 1, 2023, Crane Contractors agreed to construct a building at a contract price...

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Accounting

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On February 1, 2023, Crane Contractors agreed to construct a building at a contract price of $5,820,000. Crane estimated total construction costs would be $4,016,000 and the project would be finished in 2025 . Information relating to the costs and billings for this contract is as follows: Fill in the correct amounts on the following schedule. For percentage-of-completion accounting and cost-recovery accounting, show the gross profit that should be reported for 2023,2024 , and 2025

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