I need help with the attatched assignment… it would be greatly appreciated if you could included a breakdown of how you came up with the solution once completed. Thank you in advance!

I need help with the attatched assignment… it would be greatly appreciated if you could included a breakdown of how you came up with the solution once completed. Thank you in advance!

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Chapter 18:
Extra Credit Homework Opportunity (Spring ’13)
Name (Print): ___________________________
On March 1, 2012, Avengers Construction Company contracted to construct a factory building for Marvel Manufacturing
Inc. for a total contract price of $6,500,000.
The building was completed by October 31, 2014.
The annual contract costs
incurred, estimated costs to complete the contract, and accumulated billings to Marvel for 2012, 2013, and 2014 are given
below.
2012
2013
2014
Contract costs incurred during the year
$1,750,000
$2,432,000
$1,825,000
Estimated costs to complete the contract at 12/31
4,500,000
1,968,000
0
Billings to Pie during the year
1,950,000
3,050,000
1,500,000
Collections from Pie during the year
1,400,000
2,085,000
3,015,000
Note:
If necessary, round to the nearest full percentage and/or dollar.
1. (1 point)
Assume Avengers uses the percentage of completion method.
Provide the following amounts:

Revenues reported in 2012:
_____________________

Expenses reported in 2013:
_____________________

Gross Profit (Loss) reported in 2013:
____________________

Gross Profit (Loss) reported in 2014:
____________________
2. (1 point)
Assume Avengers uses the completed contract method.
Provide the following amounts:

Revenues reported in 2012:
_____________________

Expenses reported in 2013:
_____________________

Gross Profit (Loss) reported in 2013:
____________________

Gross Profit (Loss) reported in 2014:
____________________
NOTE:
Remember to staple the paper(s) on which you did the work to this sheet.

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