Show the complete solution On January 1, 2020, an entity entered into a long term construction to be completed on June 30, 2020 at original

Show the complete solution On January 1, 2020, an entity entered into a long term construction to be completed on June 30, 2020 at original contract price of 2,400,000. Due to change in structural design as requested by the customer, the contract price increased by 3,600,000 for the yeard ended December 31, 2021. The  project will resulted to penalty of 1,200,000 for delayed construction. The following were provided by the accountant. Cost incurred during the year 2020 – 360,000 2021 – 3,384,000 2023 – 456,000 Estimated remaining costs to complete at the end of the year. 2020 – 1,440,000 2021 – 2,496,000 2022 – 0 Questions: 1. is the realized gross loss to be recognized by the entity for the year ended December 31, 2021 under percentage of completion model? 2. is the realized gross loss to be recognized by the entity for the year ended December 31, 2022 under cost recovery method ?

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