How much gross profit is recognized using percentage of, Accounting Basics

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How much gross profit is recognized using percentage of

In 2012, Modern Construction Company entered into a contract to construct a building for $5,000,000. The estimated cost to complete the building is $4,000,000 and the project will be completed in 2013. Modern incurred actual construction costs of 1600000 and 1800000 in 2012 and 2013, respectively. How much gross profit is recognized using percentage of completion method in 2012 and 2013

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Accounting Basics: How much gross profit is recognized using percentage of

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