Included in the Work in progress ($20,520) is an amount of $2,000,000 relating to a Building which was completed, commissioned and put to use on 5 July 2021, after an additional amount of $800,000 was spent to complete the pavement aspect of the building. This expenditure has not yet been paid. Prepare the entries to account for these transactions.

Included in the Work in progress ($20,520) is an amount of $2,000,000 relating to a Building which was completed, commissioned and put to use on 5 July 2021, after an additional amount of $800,000 was spent to complete the pavement aspect of the building. This expenditure has not yet been paid. Prepare the entries to account for these transactions.

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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