Crane Construction Company had a contract starting April 2021, to construct a $22800000 building that is expected to be completed in September 2023, at an estimated cost of $20800000. At the end of 2021, the costs to date were $7072000 and the estimated total costs to complete had not changed. The progress billings during 2021 were $3600000 and the cash collected during 2021 was 3080000. Crane uses the percentage-of-completion method. For the year ended December 31, 2021, Crane would recognize gross profit on the building of:.a. $680000. b. $0. c. $13728000. d. $620351.

a. $680,000

Explanation:

Gross profit to be recognized from entire project;

= Value of building - cost

= 22,800,000 - 20,800,000

= $2,000,000

In 2021, a cost of $7,072,000 was incurred out of the total cost of $20,800,000.

Percentage complete is therefore;

= 7,072,000/20,800,000

= 34%

The gross profit recognized is therefore;

= 34% * Total gross profit

= 34% * 2,000,000

= $680,000

the first successful, urban blues recording, selling more than 75,000 copies, was made in year 1920.

mamie smith recorded the first commercially successful example of the urban blues,   with the recording of “crazy blues”."crazy blues" was recorded on august 10, 1920, in new york city. within a month of the release of “crazy blues” it had sold 75,000 copies.