Stimated costs to complete 2,000,000 — Hayes uses the percentage-of-completion method as the basis for income recognition. For the years ended December 31, 2021, and 2022, respectively, Hayes should report gross profit of $1,350,000 and $900,000. $4,500,000 and $3,000,000. $1,500,000 and $750,000. $0 and $2,250,000.

On january 2, 2018, bering co. disposes of a machine costing $34,100 with accumulated depreciation of $18,369. prepare the entries to record the disposal under each of the following separate assumptions. exercise 8-24a part 2 2. the machine is traded in for a newer machine having a $50,600 cash price. a $16,238 trade-in allowance is received, and the balance is paid in cash. assume the asset exchange has commercial substance.