Wells Corporation appropriately determined that Construction Project A was a
Wells Corporation appropriately determined that Construction Project A was a single performance obligation that is satisfied over time. For this project, Wells had previously recognized revenue of $ 250,000 out of a total of $ 800,000 for the project. During the current year, Wells accumulated the following information about this project:
• Construction costs incurred for the year, $ 92,000
• Construction costs incurred to date (including this year’s costs), $ 200,000
• Estimated costs to complete, $ 300,000 Based on the previous information, prepare a schedule to determine the amount of loss that Wells should recognize for the current year.
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