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McCombs Contractors Received a Contract to Construct a Mental Health

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McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below:
McCombs Contractors received a contract to construct a mental health facility for $2,500,000. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below:    -Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Required: Compute the amount of gross profit recognized during 2017 and 2018.

-Assume that McCombs recognizes revenue on this contract over time according to percentage of completion.
Required:
Compute the amount of gross profit recognized during 2017 and 2018.

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Definitions:

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