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:project total contract price billings through 12/31/15 cash collections through 12/31/15a $ 500,000 $ 340,00 0$ 310,000b 720,000 210,000 210,000c 475,000 475,000 390,000d 200,000 100,000 65,000e 450,000 400,000 400,000$2,345,000 $1,525,000 $1,375,000project contract costs incurred through 12/31/15 estimated additional costs to complete contractsa $ 424,000 $101,000b 195,000 455,000c 350,000 -0-d 123,000 97,000e 320,000 80,000$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
