Business, 04.05.2021 17:20 EhHannuh6865

The board of directors of Ogle Construction Company is meeting to choose between the completed-contract method and the percentage-of-completion method of accounting for long-term contracts in the company's financial statements. You have been engaged to assist Ogle's controller in the preparation of a presentation to be given at the board meeting. The controller provides you with the following information:1. Ogle commenced doing business on January 1, 2015.2. Construction activities for the year ended December 31, 2015, were as follows:ProjectTotal Contract PriceBillings Through 12/31/15Cash Collections Through 12/31/15A$ 500,000$ 340,000$ 310,000B720,000210,000210,000C475,0 00475,000390,000D200,000100,00065,0 00E450,000400,000400,000$2,345,000$ 1,525,000$1,375,000ProjectContract Costs Incurred Through 12/31/15Estimated Additional Costs to Complete ContractsA$ 424,000$101,000B195,000455,000C350, 000-0-D123,00097,000E320,00080,000$ 1,412,000$733,0003. Each contract is with a different customer.4. Any work remaining to be done on the contracts is expected to be completed in 2016.(a1) Prepare a schedule by project, computing the amount of income (or loss) before selling, general, and administrative expenses for the year ended December 31, 2015.

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