TB Problem 6-241(Static) Beck Construction Company began work on a... Beck Construction...
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Accounting
TB Problem Static Beck Construction Company began work on a
Beck Construction Company began work on a new building project on January The project is to be completed by December for a fixed price of $ million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff:
YearsActual costs incurred in each yearEstimated remaining costs to complete the project measured at
December of each year$ million$ million$ million$ million$ million$ million
Required:
What amount of gross profit or loss would Beck record on this project in each year, assuming that Beck recognizes revenue for this project over time according to percentage of completion?
Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions ie should be entered as
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