During 2017, Larkspur Company started a construction job with a contract price of $1,610,000. The...
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During 2017, Larkspur Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available. 2017 2018 2019 Costs incurred to date $405,900 $766,500 $1,076,000 Estimated costs to complete 584,100 328,500 0 Billings to date 300,000 893,000 1,610,000 Collections to date 267,000 809,000 1,435,000 Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2017 $ Gross profit recognized in 2018 $ Gross profit recognized in 2019 $
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