During 2020, Grouper Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available.     2020   2021   2022 Costs incurred to date   $370,000   $869,790   $1,080,000 Estimated costs to complete   630,000   231,210   –0– Billings to date   302,000   900,000   1,590,000 Collections to date   267,000   804,000   1,415,000 (a)     Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used. Gross profit recognized in 2020   $enter a dollar amount Gross profit recognized in 2021   $enter a dollar amount Gross profit recognized in 2022   $enter a dollar amount

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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During 2020, Grouper Company started a construction job with a contract price of $1,590,000. The job was completed in 2022. The following information is available.

   
2020
 
2021
 
2022
Costs incurred to date
  $370,000   $869,790   $1,080,000
Estimated costs to complete
  630,000   231,210   –0–
Billings to date
  302,000   900,000   1,590,000
Collections to date
  267,000   804,000   1,415,000

(a)

 
 
Compute the amount of gross profit to be recognized each year, assuming the percentage-of-completion method is used.

Gross profit recognized in 2020
 
$enter a dollar amount
Gross profit recognized in 2021
 
$enter a dollar amount
Gross profit recognized in 2022
 
$enter a dollar amount
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