Pharoah Construction entered into a contract to construct a bridge for a contract price of $2.95 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract:     2019   2020   2021 Costs incurred during the year   $649,000   $836,000   $693,900 Estimated costs to complete   1,427,800   515,000   0 Calculate the revenue, expenses and gross profit to be recognized each year using the percentage-of-completion method. (Round the percentage completion to 2 decimal places, e.g. 52.75% and other answers to 0 decimal places, e.g. 1,525.)     2019   2020   2021 Revenue   $     $     $   Expenses             Gross Profit   $     $     $

FINANCIAL ACCOUNTING
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Pharoah Construction entered into a contract to construct a bridge for a contract price of $2.95 million. Construction began in 2019 and was completed in 2021. Below are the details of the transactions related to the contract:

    2019   2020   2021
Costs incurred during the year   $649,000   $836,000   $693,900
Estimated costs to complete   1,427,800   515,000   0

Calculate the revenue, expenses and gross profit to be recognized each year using the percentage-of-completion method. (Round the percentage completion to 2 decimal places, e.g. 52.75% and other answers to 0 decimal places, e.g. 1,525.)

    2019   2020   2021
Revenue   $
 
  $
 
  $
 
Expenses  
 
 
 
 
 
Gross Profit   $
 
  $
 
  $
 
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