Crane Corp. contracted to build a bridge for $4,820,000. Construction began in 2023 and was completed in 2024. Data relating to the construction are: 2023 2024 Costs incurred $1,561,680 $1,349,600 Estimated costs to complete 1,330,320
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- mn.9- Oriole Construction Company began work on a $407,000 construction contract in 2025. During 2025, Oriole incurred costs of $272,000, billed its customer for $217,000, and collected $177,500. At December 31, 2025, the estimated additional costs to complete the project total $157,020. 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. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 5,275. List all debit entries before credit entries. Do not round Intermediate calculations.) No. Account Titles and Explanation (a) (b) eTextbook and Medial List of Accounts Debit Credit8. Ahmed construction began work on a OMR10,000,000 contracts in 2016 to construct a bridge. During 2016, it incurred cost of OMR 2,450,000, billed their customers for 1,350,000, and collected OMR 1,200,000. At December 31, 2016, the estimated cost to complete the construction is OMR 4,500,000. Prepare journal entries by following Cost- recovery method.
- H1. AccountMarigold Corp. is constructing a building. Construction began January 1, 2017 and the building was completed 12/31/17. Marigold made payments to the construction company of $2,994,000 on 7/1, $6,216,000 on 9/1, and $5,910,000 on 12/31. Weighted-average accumulated expenditures were A. $3,569,000 B. $9,210,000 C. $15,120,000 D. $3,044,000On January 1, 2018, the Mason Manufacturing Company began construction of a building to be used as itsoffice headquarters. The building was completed on September 30, 2019. Expenditures on the project were asfollows:January 1, 2018 $1,000,000March 1, 2018 600,000June 30, 2018 800,000October 1, 2018 600,000January 31, 2019 270,000April 30, 2019 585,000August 31, 2019 900,000On January 1, 2018, the company obtained a $3 million construction loan with a 10% interest rate. The loanwas outstanding all of 2018 and 2019. The company’s other interest-bearing debt included two long-termnotes of $4,000,000 and $6,000,000 with interest rates of 6% and 8%, respectively. Both notes were outstanding during all of 2018 and 2019. Interest is paid annually on all debt. The company’s fiscal year-end isDecember 31.Required:1. Calculate the amount of interest that Mason should capitalize in 2018 and 2019 using the specific interestmethod.2. What is the total cost of the building?3. Calculate the amount of…
- . On November 15, 2021, Trade Company made payments for the following expenditures: Replacement parts for overhaul of machine 550,000 Labor and overhead in connection with overhaul 140,000 Continuing, frequent and low cost repairs 150,000 Replacement of broken gear of machine 50,000 1. The overhaul resulted in a significant increase in production. 2. the journal entry to record the expenditure to be capitalized would beSandhill Builders contracted to build a high-rise for $29,000,000. Construction began in 2024 and is expected to be completed in 2026. Data for 2024 and 2025 are: Costs incurred to date Estimated costs to complete (a) 2024 $3,700,000 14,800,000 Sandhill uses the percentage-of-completion method. Gross profit $ 2025 $10,920,000 10,080,000 How much gross profit should be reported for 2024?1
- Brady Construction Company contracted to build an apartment complex for a price of $5,000,000. Construction began in 2018 and was completed in 2020. The following is a series of independent situations, numbered 1through 6, involving differing costs for the project. All costs are stated in thousands of dollars.Costs Incurred During YearEstimated Costs to Complete(As of the End of the Year)Situation 2018 2019 2020 2018 2019 20201 1,500 2,100 900 3,000 900 —2 1,500 900 2,400 3,000 2,400 —3 1,500 2,100 1,600 3,000 1,500 —4 500 3,000 1,000 3,500 875 —5 500 3,000 1,300 3,500 1,500 —6 500 3,000 1,800 4,600 1,700 —Required:Copy and complete the following table:Gross Profit (Loss) RecognizedOver Time Upon CompletionSituation 2018 2019 2020 2018 2019 2020123456On January 1, 2024, the Mason Manufacturing Company began construction of a building to be used as its office headquarters. The building was completed on September 30, 2025. Expenditures on the project were as follows: January 1, 2024 $ 1,040,000March 1, 2024 810,000June 30, 2024 450,000October 1, 2024 700,000January 31, 2025 1,125,000April 30, 2025 1,440,000August 31, 2025 2,610,000On January 1, 2024, the company obtained a $3 million construction loan with a 10% interest rate. Assume the $3 million loan is not specifically tied to construction of the building. The loan was outstanding all of 2024 and 2025. The company’s other interest-bearing debt included two long-term notes of $5,900,000 and $7,900,000 with interest rates of 7% and 9%, respectively. Both notes were outstanding during all of 2024 and 2025. Interest is paid annually on all debt. The company’s fiscal year-end is December 31. Required:Using the WEIGHTED-AVERAGE INTEREST METHOD, answer the following…McCombs Contractors received a contract to construct a mental health facility for $1,800,000. Construction was begun in 2017 and completed in 2018. Cost and other data are presented below: 2017 2018 Costs incurred during the year $ 450,000 $1,100,000 Estimated costs to complete 1,050,000 0 Billings during the year 400,000 1,400,000 Cash collections during the year 300,000 1,500,000 Assume that McCombs recognizes revenue on this contract over time according to percentage of completion. Compute the percent completed for 2017 and 2018 Now compute the percent completed: 2017 2018 Costs to date/total estimated costs = Gross profit Total Gross Profit Previously recognized Gross profit recognized in current year
