B Problems 7 ruilding is $8,000,000. Dolphin appropriately accounts for this contract under the completed-contract method in its financial statements and for income tax reporting. The building was deemed substantially ompleted on December 31, 2016. Estimated percentage of completion, accumulated contract costs ncurred, estimated costs to complete the contract, and accumulated billings to under this contract are hown below. At At At December December December 31, 2014 31, 2015 31, 2016 Percentage of completion 20% 60% 100% Contract costs incurred $1,400,000 $4,920,000 $8,100,000 Estimated costs to complete the contract $6,600,000 $3,280,000 ?0? Billings $1,000,000 $4,500,000 $7,800,000 nstructions (a) Prepare schedules to compute the amount to be shown as ?Cost of uncompleted contract in excess of related billings" or ?Billings on uncompleted contract in excess of related costs" at December 31, 2014, 2015, and 2016. (Ignore income taxes.) Show supporting computations in good form. (b) Prepare schedules to compute the profit or loss to be recognized as a result of this contract for H113 vnnrq nn?n?l nnrnmknr '21 701A 701'; and 701A (lo-nnrn inr?nmn +2vnq\ thur annnnrtino
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