Brutus Construction Started Work on a New High Rise Building

question 32

Essay

Brutus Construction started work on a new high rise building on January 1, 2019. The project completion date is December 2021. The contract price is $54,000,000. The following are the actual costs incurred and estimates of costs to complete the project.
$$\begin{array} { c c c } \text { Years } & \text { Actual costs incurred } & \text { Estimated costs to complete } \\2019 & \$ 15,000,000 & \$ 30,000,000 \\2020 & 22,500,000 & 22,500,000 \\2021 & 17,500,000 & - 0 -\end{array}$$
Calculate gross profit or loss for each year using the completed-contract method.

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