Oriole Construction Company began work on a $420,000 construction contract in 2025. During 2025, Oriole incurredcosts of $264, 500, billed its customber for $207,000, and collected $179,500. December 31, 2025, the estimatedadditional costs to complete the project total $159, 650. Prepare Oriole's journal entry to record profit or loss, if any,using (a) the percentage - of - completion method and (b) the cost-recovery method.

The percentage-of-completion method recognizes revenue and expenses based on the proportion of work…

additional costs to complete the project total $159, 650. Prepare Oriole's journal entry to record profit or loss, if any, using (a) the percentage - of - completion method and (b) the cost-recovery method.

additional costs to complete the project total $159, 650. Prepare Oriole's journal entry to record profit or loss, if any, using (a) the percentage - of - completion method and (b) the cost-recovery method.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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