On January 1, 2012, the Kobe Construction Company entered into a 3-year contract to build a dam.
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On January 1, 2012, the Kobe Construction Company entered into a 3-year contract to build a dam. The original contract price was $21,000,000 and the estimated cost was $19,400,000. The following cost data relate to the construction period.
Prepare the required journal entries for the three years of the contract, assuming Kobe uses the completed-contract method.
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