Detail solutions, please!! Problem 6-9 Sandhill Construction Company has entered into a non-cancellable contract...
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Problem 6-9 Sandhill Construction Company has entered into a non-cancellable contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $696,000 and will take three years to construct. The complex will be billed to the purchasing company at $1,044,000. The following data pertain to the construction period. 2018 $522,000 174,000 638,000 2017 2019 $707,600 Costs to date Estimated costs to complete Progress billings to date (non-refundable) Cash collected to date $313,200 382,800 313,200 278,400 580,000 1,044,000 1,044,000 Using the percentage-of-completion method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter 0 for amounts.) 2017 2018 2019 Gross profit recognized LINK TO TEXT Using the completed-contract method, calculate the estimated gross profit that would be recognized during each year of the construction period. (Do not leave any answer field blank. Enter 0 for 2017 2018 2019 Gross profit recognized s
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