Bold Construction Comp. has consistently used the percentage-of-completion method for recognizing revenue on its long-term contracts. During 2005 Bold entered into a fixed-price contract to construct an office building for $8,000,000. Information relating to the contract is as follows:
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Question

Bold Construction Comp. has consistently used the percentage-of-completion method for recognizing revenue on its long-term contracts. During 2005 Bold entered into a fixed-price contract to construct an office building for $8,000,000. Information relating to the contract is as follows:
  Required (Show Calculations):

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The Answer of Bold Construction Comp. has consistently used the percentage-of-completion method for recognizing revenue on its long-term contracts. During 2005 Bold entered into a fixed-price contract to construct an office building for $8,000,000. Information relating to the contract is as follows:
  Required (Show Calculations):