Please help me by showing your solution in good accounting form. Thank you! 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. Theproject is to be completed in 4 years or in the year 2021. The following are the details regarding the constructionproject:201720182019Costs incurred to date2,160,0004,500,0007,520,000Estimated cost to completeProgress Billings to dateCash Collections for the yve ar6,840,0005,500,0001,880,0002,304,0004,320,0007,680,0001,728,0003,240,0005,760,000

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How much is the Gross Profit/Loss Realized in 2018?

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 25E: Koolman Construction Company began work on a contract in 2019. The contract price is 3,000,000, and...

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Question

Please help me by showing your solution in good accounting form. Thank you!

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
Estimated cost to complete
Progress Billings to date
Cash Collections for the yve ar
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

Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item

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