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Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a...

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Accounting

Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.3 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract:

2019 2020 2021
Costs incurred during the year $623,000 $806,000 $675,900
Estimated costs to complete 1,487,000 671,000 0

Calculate the gross profit to be recognized each year using the completed-contract method.

2019 2020 2021
Revenue $

$

$

Expenses

Gross Profit $

$

$

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