recognition of profit on long term contract shanahan constructio 264210
Recognition of Profit on Long Term Contract Shanahan Construction Company has entered into a contract beginning January 1, 2010, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period.
Instructions
(a) Using the percentage of completion method, compute the estimated gross profit that would be recognized during each year of the construction period.
(b) Using the completed contract method, compute the estimated gross profit that would be recognized during each year of the constructionperiod.
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