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1. (25 pts) Stanford Company has contracted to build for the City of New London...

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1. (25 pts) Stanford Company has contracted to build for the City of New London a new courthouse. The estimated cost of the project is $6,000,000, and the contract price is $9,000,000. The courthouse took three years to complete as follows: Costs to date Cost to complete 2018 $1,500,000 $4,500,000 2019 $4,000,000 $2,200,000 2020 $6,200,000 $0 $5,800,000 $9,000,000 Amounts billed to date $1,400,000 Amounts collected to date $1,300,000 $4,300,000 $9,000,000 Determine the gross profit to be recognized for 2018 2019 2020 Record all journal entries necessary for 2018 below: Dr. Cr. Assume that Stanford uses the completed contract method. Determine the amount of revenue and expense to be recognized in: 2018 2019 2020 Revenue Expense

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