Haft construction co. has consistently used the input method based on costs incurred to measure progress toward completion of the project. on january 10, year 3, haft began work on a $3 million construction contract. at the inception date, the estimated cost of construction was $2,250,000. the following data relate to the progress of the contract:
gross profit recognized at 12/31/yr 3
$ 300,000
costs incurred 1/10/yr 3 through 12/31/yr 4
1,800,000
estimated cost to complete at 12/31/yr 4
600,000
in its income statement for the year ended december 31, year 4, what amount of gross profit should haft report?

Annuity payments are assumed to come at the end of each payment period (termed an ordinary annuity). however, an exception occurs when the annuity payments come at the beginning of each period (termed an annuity due). what is the future value of a 13-year annuity of $2,800 per period where payments come at the beginning of each period? the interest rate is 9 percent. use appendix c for an approximate answer, but calculate your final answer using the formula and financial calculator methods. to find the future value of an annuity due when using the appendix tables, add 1 to n and subtract 1 from the tabular value. for example, to find the future value of a $100 payment at the beginning of each period for five periods at 10 percent, go to appendix c for n = 6 and i = 10 percent. look up the value of 7.716 and subtract 1 from it for an answer of 6.716 or $671.60 ($100 × 6.716)