Sunland, Inc. began work on a $2,060,000 contract in 2017 to construct a warehouse. During 2017, Sunland, Inc. incurred costs of $484,000, billed its customers for $715,000, and collected $400,000. At December 31, 2017, the estimated future costs to complete the project total $726,000. Prepare Sunland's 2017 journal entries using the percentage-of-completion 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.) Account Titles and Explanation Debit Credit

Sunland, Inc. began work on a $2,060,000 contract in 2017 to construct a warehouse. During 2017, Sunland, Inc. incurred costs of $484,000, billed its customers for $715,000, and collected $400,000. At December 31, 2017, the estimated future costs to complete the project total $726,000. Prepare Sunland's 2017 journal entries using the percentage-of-completion 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.) Account Titles and Explanation Debit Credit

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter17: Advanced Issues In Revenue Recognition

Section: Chapter Questions

Problem 26E

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