On January 1, 2014, the Kobe Construction Company entered into a three-year contract to build a dam.
Question:
Prepare the required journal entries for the three years of the contract, assuming Kobe uses the completed-contract method.
Transcribed Image Text:
Cost Incurred Estimated Cost to Complete Cash Year Billings $1,200,000 6,500,000 7,300,000 Collected $1,200,000 ,700,000 7 7,900,000 $17,ǐ00,000 7014 2015 2016 $6;,00,000 6,400,000 8,100,000 7800,000 0
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