On January 1, Year 1, Cumulus Contracting, Inc., entered into an agreement to construct a building on the customer's land. The project was expected to take 3 years and involve a total cost of $6,000,000. The client has agreed to pay Cumulus $9,000,000 upon completion of the building. Cumulus determined that revenue from this contract is recognized over time. Cumulus uses the input method based on costs incurred to measure progress toward completion of the contract. The following information about the costs of the project are taken from the accounting records of Cumulus.

Year 1 Year 2 Year 3
Costs incurred during year $1,000,000 $3,000,000 $4,000,000
Expected future costs $5,000,000 $4,000,000 $0

Required:
Write the appropriate amounts.

% completion method                          Year 1         Year 2        Year 3

Cost incurred in till previous year            0          1000000    4000000

Add Cost incurred during the year  1000000  3000000   4000000

Total cost incurred till date                 1000000   4000000   8000000

Add: Estimated cost to be incurred   5000000  4000000          0

Total estimated cost to be incurred   6000000  8000000   8000000

Percentage of completion (A)                  17%      50.00%       100%

Note: Percentage of completion = (Cost incurred till date / Total estimated cost)

Total revenue (B)                                   9000000 9000000  9000000

Total revenue recognized(A*B)           1500000  4500000  9000000

- Revenue recognized in previous year     0         1500000    4500000

Revenue recognized in current year   1500000  3000000  4500000

                                        Year 1         Year 2       Year 3

Revenue                       1500000   3000000   4500000

Less: Cost incurred      1000000   3000000  4000000

Gross profit                   500000           0          500000

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