Fender Construction Company receives a contract to construct a building
Fender Construction Company receives a contract to construct a building over a period of 3 years for a price of $ 700,000. The contract represents a single performance obligation that will be satisfied over time. Information relating to the performance of the contract is summarized as follows:
Required:
1. Prepare journal entries for all 3 years.
2. Assume that the contract represents a single performance obligation that will be satisfied at a point in time. Prepare journal entries for all 3 years.
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