Problem 18-9 Bridgeport Construction Company has entered into a contract beginning January 1, 2017, to...
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Problem 18-9 Bridgeport Construction Company has entered into a contract beginning January 1, 2017, to build a parking complex. It has been estimated that the complex will cost $602,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $901,000. The following data pertain to the construction period 2017 2018 2019 Costs to date Estimated costs to complete Progress billings to date Cash collected to date $246,820 $421,400 $611,000 180,600 269,000 554,000 901,000 239,000 504,000 901,000 355,180 (a) Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is o, please enter 0. Do not leave any fields blank.) Gross proft recognized in 2017 s Gross profit recognized in 2018 Gross profit recognized in 2019 (b) Using the completed-contract method, compute the estimated gross profit that would be recognized during each year of the construction period. (If answer is 0, please enter 0. Do not leave any fields blank.) Gross profit recognized in 2017 Gross proft recognized in 2018 s Gross profit recognized in 2019 Click if you would like to Show Work for this
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