Question

MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 2014 and was completed in 2015. Information relating to the contract follows:


Required:
Record the preceding transactions in MSK’s books under the completed-contract and the percentage-of-completion methods. Determine amounts that will be reported on the balance sheet at the end of2014.


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  • CreatedSeptember 10, 2014
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