Question: Considering the following data for a project begun in 2017 by Dominion Construction, with a contract price of $1,500,000. Dominion uses IFRS and their customer

Considering the following data for a project begun in 2017 by Dominion
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.

2018 2017 $200,000 Current period costs Estimated additional costs to complete Progress billings Collection on billings-current year $200,000 700,000 175,000 150,000 100,000 100,000

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