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Haft Construction Company has consistently applied the percentageof completion method. On Jan 10, 2008 Haft began work on a$3,000,000 construction contract. At the inception date, theestimated cost of construction was $2,250,000. The following inforelate to the progress of the contact:

Income recognized at 12/31/08	300,000
Cost incurred1/10/08 through 12/31/09	1,800,000
Estimated costto compelte at 12/31/09	600,000

1. In its income statement for the year ended Dec 31 ,2009, whatamount of gross profit should Haft report?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9796863

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