Dalton Construction Co

Dalton Construction Co. contracted to build a bridge for $8,000,000. Construction began in 2014 and was completed in 2015. Data relating to the construction are: Dalton uses the percentage-of-completion method.
Instructions
(a) How much revenue should be reported for 2014? Show your computation.
(b) Make the entry to record progress billings of $3,300,000 during 2014.
(c) Make the entry to record the revenue and gross profit for 2014.(d) How much gross profit should be reported for 2015? Show your computation.

Correct Answer:

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