Percentage-Of-Completion and Completed-Contract Methods
on January 1, 2020, Falcon Construction

Essay

Percentage-of-completion and completed-contract methods
On January 1, 2020, Falcon Construction Ltd. started a construction project for $ 4,500,000. Relevant data for 2020 and 2021 are as follows:
$\begin{array}{c}\begin{array}{lll}\\\text {Current year construction costs}\\\text {Estimated remaining costs to complete}\\\text {Current year billings}\\\text {Current year collections}\end{array}\begin{array}{r}\underline{2020}\\\$ 3,300,000\\600,000 \\3,100,000 \\3,000,000\end{array}\begin{array}{r}\underline{2021}\\620,000 \\-0- \\1,400,000 \\1,500,000\end{array}\end{array}$

Instructions
Calculate the following amounts for each method: