a 1 In 2020, Johnson Construction Company entered into a contract to construct a distribution center for Austin Corporat

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A 1 In 2020 Johnson Construction Company Entered Into A Contract To Construct A Distribution Center For Austin Corporat 1 (66.52 KiB) Viewed 35 times

a 1 In 2020, Johnson Construction Company entered into a contract to construct a distribution center for Austin Corporation for $10,000,000. The distribution center was completed in 2022. Information related to the contract is as follows: Cost incurred during the year Estimated costs to complete as of year-end Billings during the year Cash collections during the year 2020 2021 2022 3,000,000 1,100,000 2,800,000 4,900,000 3,200,000 0 3,400,000 3,600,000 3,000,000 3,000,000 3,500,000 3,500,000 Johnson Construction Company recognizes revenue over time according to percentage of completion. 1. Calculate the amount of revenue and gross profit to be recognized in each of the three years. (Round final answer to nearest dollar.) 2020 2021 2022 Revenue Gross Profit 2. Prepare all necessary journal entries for 2020 (credit "Various Accounts" for construction costs incurred).