Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project: 2017 2018 2019 Costs incurred to date Estimated cost to complete Progress Billings to date Cash Collections for the year 2,160,000 4,500,000 7,520,000 6,840,000 5,500,000 1,880,000 2,304,000 4,320,000 7,680,000 1,728,000 3,240,000 5,760,000
Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction project: 2017 2018 2019 Costs incurred to date Estimated cost to complete Progress Billings to date Cash Collections for the year 2,160,000 4,500,000 7,520,000 6,840,000 5,500,000 1,880,000 2,304,000 4,320,000 7,680,000 1,728,000 3,240,000 5,760,000
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 26E
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Question
How much is the Gross Profit/Loss Realized in 2018?
![Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The
project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction
project:
2017
2018
2019
Costs incurred to date
2,160,000
4,500,000
7,520,000
6,840,000
1,880,000
Estimate d cost to complete
Progress Billings to date
Cash Collections for the year
5,500,000
2,304,000
4,320,000
7,680,000
1,728,000
3,240,000
5,760,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F22d56b9e-45a7-4d6b-a779-cc89c08fe486%2Fb85858f8-cf48-4adc-a0f4-d0f7dc00143a%2Fchv8m1k_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Triple Take Construction Co. began construction of a project in 2017 for a contract price of P9,600,000. The
project is to be completed in 4 years or in the year 2021. The following are the details regarding the construction
project:
2017
2018
2019
Costs incurred to date
2,160,000
4,500,000
7,520,000
6,840,000
1,880,000
Estimate d cost to complete
Progress Billings to date
Cash Collections for the year
5,500,000
2,304,000
4,320,000
7,680,000
1,728,000
3,240,000
5,760,000
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