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During 2020, Monty Company started a construction job with a contract price of $1,620,000. The...

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Accounting

During 2020, Monty Company started a construction job with a contract price of $1,620,000. The job was completed inDuring 2020, Monty Company started a construction job with a contract price of $1,620,000. The job was completed in
The following information is available.
(a)
Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is
used.
Gross profit recognized in 2020$
Gross profit recognized in 2021$
Gross profit recognized in 2022$
2022. The following information is available.
Costs incurred to date
Estimated costs to complete
Billings to date
Collections to date
2020
$444,400
565,600
301.000
272.000
2021
$867,420
230.580
904.000
814.000
2022
$1,060,000
-0-
1.620.000
1,411,000
(a)
Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.
Gross profit recognized in 2020
Gross profit recognized in 2021
Gross profit recognized in 2022
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