Can it be done as a chart similar to this one so i can understand it better? *Pr

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Can it be done as a chart similar to this one so i can understand it better?

*Problem 18-10 On March 1, 2017, Oriole Construction Company contracted to construct a factory building for Fabrik Manufacturing Inc. for a total contract price of $8,400,000. The building was completed by October 31, 2019. The annual contract costs incurred, estimated costs to complete the contract, and accumulated billings to Fabrik for 2017, 2018, and 2019 are given below 2017 2018 2019 Contract costs incurred during the year $2,798,400 $2,428,800 $2,032,800 Estimated costs to complete the contract at 12/31 3,561,600 2,032,800 Billings to Fabrik during the year ,200,000 3,500,000 1,700,000 (a) Using the percentage-of-completion method, prepare schedules to compute the profit or loss to be recognized as a result of this contract for the years ended December 31, 2017, 2018, and 2019. (Ignore income taxes.) (If answer is 0, please enter 0. Do not leave any fields blank.) 2017 2018

Explanation / Answer

Percentage completion method 2017 2018 2019 Cost incurred in till previous year 0 2798400 5227200 ADD Cost incurred during the year 2798400 2428800 2032800 Total cost incurred till date 2798400 5227200 7260000 ADD Estimated cost to be incurred 3561600 2032800 0 Total estimated cost to be incurred 6360000 7260000 7260000 Percentage of completion (A) 44% 72.00% 100% (cost incurred till date /total estimated cost ) Total revenue (B) 8400000 8400000 8400000 Total revenue recognized (A *B) 3696000 6048000 8400000 Less Revenue recognized in previous year 0 3696000 6048000 revenue recognized in current year 3696000 2352000 2352000 2017 2018 2019 Revenue 3696000 2352000 2352000 Less Cost incurred 2798400 2428800 2032800 Gross profit 897600 -76800 319200

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