2012 2013 1,800,000 1,800,000 Contract Price 450,000 1,550,000 Actual costs to date 1,050,000 -0- Estimated costs to complete 1,500,000 1,550,000 Total estimated project costs 30% 100% Percent Complete 300,000 250,000 Estimated Gross Profit $90,000 $160,000 Gross Profit Recognized Supporting Calculations Journal Entries Problem 3-2 2012 2013 $0 $250,000 Gross Profit Recognized Supporting Calculations Journal Entries
2012 2013 Contract Price 1,800,000 1,800,000 Actual costs to date 450,000 1,550,000 Estimated costs to complete 1,050,000 -0- Total estimated project costs 1,500,000 1,550,000 Percent Complete 30% 100% Estimated Gross Profit 300,000 250,000 Gross Profit Recognized $90,000 $160,000 Supporting Calculations Journal Entries Problem 3-2 2012 2013 Gross Profit Recognized $0 $250,000 Supporting Calculations Journal Entries