At the beginning of 2017 Gordo Yachts enters into a contract to build a luxury yacht for a customer that is expected to take three years to complete.The contract price is $4,000,000.Completion is scheduled for the end of 2019.Gordo's year end is December 31.The following is a year by year summary of construction costs incurred and the estimated costs to complete the projects at the end of each year.
Compute gross profit for 2017,2018,and 2019 assuming the use of the completed- contract method.

Question

At the beginning of 2017 Gordo Yachts enters into a contract to build a luxury yacht for a customer that is expected to take three years to complete.The contract price is $4,000,000.Completion is scheduled for the end of 2019.Gordo's year end is December 31.The following is a year by year summary of construction costs incurred and the estimated costs to complete the projects at the end of each year.
  Compute gross profit for 2017,2018,and 2019 assuming the use of the completed- contract method.

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The Answer of At the beginning of 2017 Gordo Yachts enters into a contract to build a luxury yacht for a customer that is expected to take three years to complete.The contract price is $4,000,000.Completion is scheduled for the end of 2019.Gordo's year end is December 31.The following is a year by year summary of construction costs incurred and the estimated costs to complete the projects at the end of each year.
  Compute gross profit for 2017,2018,and 2019 assuming the use of the completed- contract method.

At the Beginning of 2017 Gordo Yachts Enters into a Contract