Beck Construction Company began work on a new building project on January 1, 2012. The project is to be completed by December 31, 2014, 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 completed contract method? Place answers in the spaces provided below and show supporting computations.

Question

Beck Construction Company began work on a new building project on January 1, 2012. The project is to be completed by December 31, 2014, 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 completed contract 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, 2012. The project is to be completed by December 31, 2014, 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 completed contract method? Place answers in the spaces provided below and show supporting computations.

Beck Construction Company Began Work on a New Building Project