Business, 10.03.2020 00:36 rcetrangolo

Crane Construction is constructing an office building under contract for Cannon Company and uses the percentage-of-completion method. The contract calls for progress billings and payments of $1450000 each quarter. The total contract price is $18168000 and Crane estimates total costs of $17250000. Crane estimates that the building will take 3 years to complete, and commences construction on January 2, 2018.At December 31, 2018, Seasons estimates that it is 30% complete with the construction, based on costs incurred. What is the total amount of Revenue and Profit from Long-Term Contracts recognized for 2018?

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Crane Construction is constructing an office building under contract for Cannon Company and uses the...

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