Refer to Practice 8-15. Assume that the company uses the percentage of trail feet constructed in estimating
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Refer to Practice 8-15. Assume that the company uses the percentage of trail feet constructed in estimating the percentage of completion. Make the journal entries to record revenue and cost for the construction project in
(1) Year 1,
(2) Year 2, and
(3) Year 3.
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1 Percentage of completion 80008000 16200 330579 Cumulative revenue to be recognized 1200000 0330579 396695 Revenue recognized in previous years 0 Rev...View the full answer
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Related Book For
Intermediate Accounting
ISBN: 978-0324312140
16th Edition
Authors: James D. Stice, Earl K. Stice, Fred Skousen
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