* Question 3 Dalton Construction Co. contracted to build a bridge for $8,900,000

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* Question 3 Dalton Construction Co. contracted to build a bridge for $8,900,000. Construction began in 2014 and was completed in 2015. Data relating to the construction are: 2014 2015 Costs incurred Estimated costs to complete $3,930,240 $2,259,760 2,210,760 Dalton uses the percentage-of-completion method How much revenue should be reported for 2014? Revenue $ Make the entry to record progress billings of $4,912,800 during 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Make the entry to record the revenue and gross profit for 2014. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit How much gross profit should be reported for 2015? Gross profit Question Attempts: 0 of 3 used Copyright © 2000-2015 by John Wiley & Sons, Inc. or related companies. All rights reserved http://edugen.wileyplus.com/edugen/shared/assignment/test/qprint.uni 11/10/2015

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* Question 3 Dalton Construction Co. contracted to build a bridge for $8,900,000

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