Long-Term Construction Contracts:
Forman Company has contracted to build a dam over a period of 4 years for $3,000,000. Information relating to the performance of the contract is summarized as follows:
![695_wjia01h-p17-5-q (1).jpg](https://secure.tutorsglobe.com/CMSImages/695_wjia01h-p17-5-q (1).jpg)
1. a. Compute the profit or loss for each year of the contract under the percentage-of-completion method. Enter losses as a negative number.
2013 $60,000
2014 $40,000
2015 $(200,000)
2016 Need answer it is not $(173,000) nor (27,000)