Southern California Builders Inc. entered into a contract to construct an office building and plaza at a

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Southern California Builders Inc. entered into a contract to construct an office building and plaza at a contract price of $30,000,000. Income is to be reported using the percentage-of-completion method as determined by estimates made by the architect. The data below summarize the activities on the construction for the years 2012-2014. For the years 2012-2014, what entries are required to record this information, assuming the architect's estimate of the percentage completed is used to determine revenue (proportional cost approach)?

Southern California Builders Inc. entered into a contract to construct
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Intermediate Accounting

ISBN: 978-0538479738

18th edition

Authors: Earl K. Stice, James D. Stice

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