Bank Construction Company began work on a new building project on Jan 1,2010. The project is to be completed by December 31,2012, for a fixed price of 108 million. The following are the actual cost incurred and estimates of remaining costs to complete the project that were made by Becks accountiing staff.
Years Actual Cost incurred in each year Estimated remaining cost to complete the project
- 2010 30 million 60 million
- 2011 45 million 45 million
- 2012 35 million 0
What amount if gross profit would beck record on this project in each year under the percentage of comletion method?