Beck Construction Company began work on a new building project on January 1, 2008. The project is to be completed by December 31, 2010, for a fixed price of $108 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff:
Required: What amount of gross profit (or loss) would Beck record on this project in each year under the percentage-of-completion method? Place answers in the spaces provided below and show supporting computations.

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The Answer of Beck Construction Company began work on a new building project on January 1, 2008. The project is to be completed by December 31, 2010, for a fixed price of $108 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff:
Required: What amount of gross profit (or loss) would Beck record on this project in each year under the percentage-of-completion method? Place answers in the spaces provided below and show supporting computations.

Beck Construction Company Began Work on a New Building Project