Beck Construction Company began work on a new building project on January 1, 2023. The project is to be completed by December 31, 2025, for a fixed price of $168 million. The following are the actual costs incurred and estimates of remaining costs to complete the project that were made by Beck's accounting staff Years 2023 2024 2025 Actual costs incurred in each year $ 46 million $77 million $ 51 million Required: What amount of gross profit (or loss) would Beck record on this project in each year, assuming that Beck recognizes revenue for this project upon completion of the project? Note: Enter "None" if there is no requirement of recognizing profit or loss. Loss amounts should be indicated with a minus sign. Enter your answers in millions (l.e., 10,000,000 should be entered as 10). Years 2023 None 2024 2025 Gross Profit (or Loss) recognized 0 million 32 million million Gross loss Gross profit $ Estimated remaining costs to complete the project (measured at December 31 of each year) $ 92 million $.77 million $0 million www

Assume Avaya contracted to provide a customer with Internet infrastructure for $2,200,000. The project began in 2024 and was completed in 2025. Data relating to the contract are summarized below:   2024 2025 Costs incurred during the year $ 316,000 $ 1,700,000 Estimated costs to complete as of 12/31 1,264,000 0 Billings during the year 400,000 1,660,000 Cash collections during the year 290,000 1,770,000 Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming Avaya recognizes revenue over time according to percentage of completion. Prepare a partial balance sheet to show how the information related to this contract would be presented at the end of 2024, assuming this project does not qualify for revenue recognition over time.

Sheridan Construction Co. contracted to build a bridge for $10,500,000. Construction began in 2024 and was completed in 2025. Data relating to the construction are: Costs incurred during the year Estimated costs to complete (a) 2024 $4,095,000 Revenue $ 2,730,000 Sheridan uses the percentage-of-completion method. How much revenue should be reported for 2024? 2025 $2,780,000

In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is as follows:    2021 2022 2023 Cost incurred during the year $ 2,100,000   $ 2,450,000   $ 2,695,000   Estimated costs to complete as of year-end   4,900,000     2,450,000     0   Billings during the year   2,200,000     2,350,000     5,450,000   Cash collections during the year   1,900,000     2,300,000     5,800,000      Westgate recognizes revenue over time according to percentage of completion.     2-a. In the journal below, complete the necessary journal entries for the year 2021 (credit "Various accounts" for construction costs incurred).2-b. In the journal below, complete the necessary journal entries for the year 2022 (credit "Various accounts" for construction costs incurred).2-c. In the journal below, complete the necessary journal entries for the year 2023…