In 20Y5, Duncan Construction Company agreed to construct an apartment building at a price of$1,200,000. The information relating to the costs and billings for the contract is shown below.Cost incurred to dateEst. cost yet to be incurredCustomer billings to dateCollections of billings to date20Y5$ 280,000520,000150,000120,000●20Y6$ 600,000200,000500,000320,00020Y7$ 785,00001,200,000940,000• Prepare a schedule showing the profit to be recognized each year.Prepare all journal entries required for all years using the percentage of completion method.Prepare all journal entries required for all years using the completed contracts method.

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Prepare a schedule showing the profit to be recognized each year. Prepare all journal entries required for all years using the percentage of completion method. Prepare all journal entries required for all years using the completed contracts method.

Prepare a schedule showing the profit to be recognized each year. Prepare all journal entries required for all years using the percentage of completion method. Prepare all journal entries required for all years using the completed contracts 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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