Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.3 million. Construction began in 2022 and was completed in 2024. Below are the details of the transactions related to the contract: Costs incurred during the year Estimated costs to complete Revenue Expenses Calculate the gross profit to be recognized each year using the completed-contract method. Gross Profit 2022 $661,000 1.519,000 $ 2023 $822,000 $685,900 705.000 2022 2024 2023 2024
Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.3 million. Construction began in 2022 and was completed in 2024. Below are the details of the transactions related to the contract: Costs incurred during the year Estimated costs to complete Revenue Expenses Calculate the gross profit to be recognized each year using the completed-contract method. Gross Profit 2022 $661,000 1.519,000 $ 2023 $822,000 $685,900 705.000 2022 2024 2023 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.3 million.
Construction began in 2022 and was completed in 2024. Below are the details of the transactions related to the contract:
Costs incurred during the year
Estimated costs to complete
Revenue
Expenses
Gross Profit
Calculate the gross profit to be recognized each year using the completed-contract method.
$
2022
$661,000
$822,000
1,519,000 705,000
2023
2022
2024
$685,900
0
2023
$
2024](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2e5caa4f-70a5-4e9b-9cd4-231b34f6cd3f%2F432e7663-c4c6-4bcf-8800-db27cd57480d%2Fngsbpie_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Blossom Construction, which follows ASPE entered into a contract to construct a bridge for a contract price of $2.3 million.
Construction began in 2022 and was completed in 2024. Below are the details of the transactions related to the contract:
Costs incurred during the year
Estimated costs to complete
Revenue
Expenses
Gross Profit
Calculate the gross profit to be recognized each year using the completed-contract method.
$
2022
$661,000
$822,000
1,519,000 705,000
2023
2022
2024
$685,900
0
2023
$
2024
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