AC 302 Week Quiz 3

AC 302 Week Quiz  3	
Question 	Adler Construction Co. uses the percentage of completion method. In 2014, Adler began work on a contract for $6,600,000 and it was completed in 2015. Data on the costs are:
                                                                              Year Ended December 31
                                                                                   2014                  2015   
Costs incurred                                                      $2,340,000      $1,680,000
Estimated costs to complete                                  1,560,000                 —

For the years 2014 and 2015, Adler should recognize gross profit in 2014 and 2015 of
          2014                       2015

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