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

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Accounting

On February 1,2023, Sheridan Contractors agreed to construct a building at a contract price of \(\$ 3,460,000\). The total estimated construction costs would be \(\$ 1,555,000\) and the project would be finished in 2025. Information relating to the costs and billings for this contract is as follows:
Calculate the gross profit /(loss) that should be recognized for 2023,2024, and 2025 using the percentage completion method. (Enter negative amounts using either a negative sign preceding the number e.g.-45 or parentheses e.g.(45). Round percentage complete to 1 decimal place, e.g.\(15.2\%\) and final answers to 0 decimal places, e.g.5,125.)
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