In 2013,Modern Construction Company entered into a contract to construct a building for $5,000,000.The estimated cost to complete the building is $4,000,000 and the project will be completed in 2014.Modern incurred actual construction costs of $1,600,000 and $1,800,000 in 2013 and 2014,respectively.How much gross profit is recognized using the percentage-of-completion method in 2013 and 2014?

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The Answer of In 2013,Modern Construction Company entered into a contract to construct a building for $5,000,000.The estimated cost to complete the building is $4,000,000 and the project will be completed in 2014.Modern incurred actual construction costs of $1,600,000 and $1,800,000 in 2013 and 2014,respectively.How much gross profit is recognized using the percentage-of-completion method in 2013 and 2014?

In 2013,Modern Construction Company Entered into a Contract to Construct