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eilert construction company had a contract starting april 2021, to construct a $21,000,000 building that is expected to be completed in september 2022, at an estimated cost of $19,250,000. at the end of 2021, the costs to date were $8,855,000 and the estimated total costs to complete had not changed. the progress billings during 2021 were $4,200,000 and the cash collected during 2021 was $2,800,000. eilert uses the percentage-of-completion method. *118. for the year ended december 31, 2021, eilert would recognize gross profit on the building of a. $0. b. $737,917. c. $805,000. d. $945,000. *119. at december 31, 2021, eilert would report construction in process in the amount of a. $9,660,000. b. $8,855,000. c. $8,260,000. d. $805,000.

Respuesta :

eilert construction company had a contract starting april 2021, to construct a $21,000,000 building that is expected to be completed in september 2022, at an estimated cost of $19,250,000. Eilert would report construction in process in the amount of $805,000.

What do you mean by a construction company?

The construction industry is concerned with the building and infrastructure construction, demolition, renovation, maintenance, and repair. It includes everything from planning and surveying to structural construction and finishing services like painting and decorating.

Construction employs approximately 16% of the working population in the country. The construction industry in India employs over 30 million people and generates assets worth more than $200 billion. It contributes more than 5% of the nation's GDP and 78% of gross capital formation.

So, the required answer is d. $805,000.

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