Question

Hitech State University issued $14,000,000 of bonds to finance construction of a new computer facility on March 25, 20X8. The contractor billed the university $3,200,000 for work completed during 20X8. The university paid all but a 5% retained percentage. In 20X9 the contractor completed the facility and billed Hitech for $10,800,000. The university has paid all but a 5% retained percentage as of year-end.

Required
Prepare the necessary journal entries for 20X8 and 20X9 to account for the preceding transactions.



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  • CreatedOctober 25, 2014
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