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During 2025, Nilsen Company started a construction job with a contract price of $1,600,000. The...

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Accounting

During 2025, Nilsen Company started a construction job with a contract price of $1,600,000. The job was completed in 2027. The following information is available.202520262027Costs incurred to date$400,000$825,000$1,070,000Estimated costs to complete600,000275,000-0-Billings to date300,000900,0001,600,000Collections to date270,000810,0001,425,000Compute the amount of gross profit to be recognized each year, assuming the cost-recovery method is used.202520262027

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