Considering the following data for a project begun in 2017 by Dominion Construction, with a contract price
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Construction, with a contract price of $1,500,000. Dominion uses IFRS and their customer controls the building during the period of construction.
Using the table below, calculate the revenue to be recognized by Dominion construction during 2017 and 2018. Assume that percentage of completion is measured by the ratio of costs incurred to data divided by total estimated construction costs. Round your percentage complete calculation to one decimal place.
Using the information in your table, prepare all of the required journal entries for 2017 only.
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Related Book For
Intermediate Accounting
ISBN: 978-0077400163
6th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson
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