The Fender Construction Company receives a contract to build a building over a period of three years
Question:
Required
Prepare journal entries for all three years under
(1) The percentage-of-completion method, and
(2) The completed-contractmethod.
Transcribed Image Text:
2007 2008 2009 Construction costs incurred during the year $150,000 Estimated costs to complete Billings during the year Collections during the year $242,000 $168,000 350,000 168,000 120,000 250,000 330,000 100,000 260,000 340,000
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1 2007 2008 2009 Construction costs incurred to date 150000 392000 560000 Estimated costs to complete 350000 168000 Total estimated costs 500000 56000...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324300987
10th Edition
Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones
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