Business, 24.10.2019 20:43 violet9139

On january 1, year 1, a contractor began work on a $3.2 million construction contract that is expected to be completed in 3 years. the contractor concludes that it is appropriate to recognize revenue over time using the input method based on costs incurred (cost-to-cost method). at the inception date, the estimated cost of construction was $2.4 million. the following data relate to the actual and expected construction costs: year 1 year 2 year 3 costs incurred $720,000 $1,170,000 $1,110,000 expected future costs $1,680,000 $810,000 $0

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On january 1, year 1, a contractor began work on a $3.2 million construction contract that is expect...