Sheridan Construction Co. uses the percentage-of-completion method. In 2024, Sheridan began work on a contract for $21300000; it was completed in 2025. The following cost data pertain to this contract: Cost incurred during the year Estimated costs to complete at the end of year Year Ended December 31 $8516000. O $2990000. $3680000. $3684000. 2024 $7254000 4836000 2025 $5530000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Sheridan Construction Co. uses the percentage-of-completion method. In 2024, Sheridan began work on a contract for $21300000; it
was completed in 2025. The following cost data pertain to this contract:
Cost incurred during the year
Estimated costs to complete at the end of year
Year Ended December 31
$8516000.
$2990000.
$3680000.
$3684000.
2024
$7254000
4836000
2025
$5530000
The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is
Transcribed Image Text:Sheridan Construction Co. uses the percentage-of-completion method. In 2024, Sheridan began work on a contract for $21300000; it was completed in 2025. The following cost data pertain to this contract: Cost incurred during the year Estimated costs to complete at the end of year Year Ended December 31 $8516000. $2990000. $3680000. $3684000. 2024 $7254000 4836000 2025 $5530000 The amount of gross profit to be recognized on the income statement for the year ended December 31, 2025 is
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