Hello please can you explain the step on the exercise were do the number come from thanks Question8Page 18-71W*P18.10 (LO 5, 6, 7) (Long-Term Contract with Interim Loss) On March 1, 2020,Pechstein Construction Company contracted to construct a factory building forFabrik Manufacturing Inc. for a total contract price of $8,400,000. The building wascompleted by October 31, 2022. The annual contract costs incurred, estimatedcosts to complete the contract, and accumulated billings to Fabrik for 2020, 2021,and 2022 are given below.202020212022Contract costs incurred during the year $2,880,000 $2,230,000 $2,190,000Estimated costs to complete the3,520,0002,190,000-0-contract at 12/31Billings to Fabrik during the year3,200,000Dr your resume3,500,000Instructionsa. Using the percentage-of-completion method, prepare schedules to computethe profit or loss to be recognized as a result of this contract for the yearsended December 31, 2020, 2021, and 2022. (Ignore income taxes.)b. Using the completed-contract method, prepare schedules to compute the profitor loss to be recognized as a result of this contract for the years endedDecember 31, 2020, 2021, and 2022. (Ignore incomes taxes.)Korpul Wind1,700,000Resume 12023(1) P많Try freePoArto2

The percentage of completion contract method is used to account for revenue and cost to be…

ge 18-71 "P18.10 (LO 5, 6, 7) (Long-Term Contract Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below. 2020 Contract costs incurred during the year $2,880,000 2021 2022 $2,880,000 $2,230,000 $2,190,000 3,520,000 2,190,000 -0- 3,200,000 3,500,000 Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 1,700,000 Instructions a. Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) b. Using the completed-contract method, prepare schedules to compute the profit ocult of this contract for the years ended

ge 18-71 "P18.10 (LO 5, 6, 7) (Long-Term Contract Pechstein Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2022. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2020, 2021, and 2022 are given below. 2020 Contract costs incurred during the year $2,880,000 2021 2022 $2,880,000 $2,230,000 $2,190,000 3,520,000 2,190,000 -0- 3,200,000 3,500,000 Estimated costs to complete the contract at 12/31 Billings to Fabrik during the year 1,700,000 Instructions a. Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2020, 2021, and 2022. (Ignore income taxes.) b. Using the completed-contract method, prepare schedules to compute the profit ocult of this contract for the years ended

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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