Carla Vista Construction Inc., which has a calendar year end, has entered into a non-cancellable...
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Carla Vista Construction Inc., which has a calendar year end, has entered into a non-cancellable fixed-price contract for $2.4 million beginning September 1, 2023, to build a road for a municipality. It has been estimated that the road construction will be complete by June 2025. The following data pertain to the construction period. (a) Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Round answers to 0 decimal places, e.g. 5,275.)
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