Business, 08.02.2021 19:20 jolleyrancher78

Black Bear Construction Company has a contract to construct a $6,000,000 bridge at an estimated cost of $5,300,000. The contract is to start in July 2017, and the bridge is to be completed in October 2019. The following data pertain to the construction period. 2015 2016 2017
Costs to date $1,325,000 $3,780,000 $5,430,000
Estimated costs to complete 3,975,0001, 620,000 —
Progress billings during the year 1,200,000 3,200,000 1,600,000
Cash collected during the year 1,000,000 2,340,000 2,660,000

What amount of gross profit should Black Bear recognize in 2017 using the percentage-of-completion method?

a. $150,000
b. $169,000
c. $210,000
d. $530,000

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Black Bear Construction Company has a contract to construct a $6,000,000 bridge at an estimated cost...

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