Use the following information for questions. In 2014, Violin Inc.began a three year construction contract for $7,000,000.Violin uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2014 follow:
-Cornet Construction Corp.uses the percentage-of-completion method.In 2014, Cornet began work on a contract for $1,650,000 which was completed in 2015.Data on the costs are:

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Use the following information for questions. In 2014, Violin Inc.began a three year construction contract for $7,000,000.Violin uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2014 follow: 
-Cornet Construction Corp.uses the percentage-of-completion method.In 2014, Cornet  began work on a contract for $1,650,000 which was completed in 2015.Data on the costs are:

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The Answer of Use the following information for questions. In 2014, Violin Inc.began a three year construction contract for $7,000,000.Violin uses the percentage-of-completion method.The income to be recognized each year is based on the proportion of costs incurred to total estimated costs for completing the contract.The financial statement presentation relating to this contract for calendar 2014 follow: 
-Cornet Construction Corp.uses the percentage-of-completion method.In 2014, Cornet  began work on a contract for $1,650,000 which was completed in 2015.Data on the costs are:

Use the Following Information for Questions