? A construction company entered into a fixed$-$price contract to build an office building for $$26$ ?million. Construction costs incurred

during the first year were $$6$ ?million, and estimated costs to complete at the end of the year were $$9$ ?million. The company recognizes

revenue over time according to percentage of completion.

How much revenue and gross profit or loss will appear in the company's income statement in the first year of the contract?

Note: Enter your answers in whole dollars and not in millions $($i$.$e$.,$ ?$$4$ ?million should be entered as $$4,000,000).$ ?A construction company entered into a fixed$-$price contract to build an office building for $$22$ ?million. Construction costs incurred

during the first year were $$6$ ?million, and estimated costs to complete at the end of the year were $$9$ ?million. The company recognizes

revenue over time according to percentage of completion.

During the first year the company billed its customer $$7$ ?million, of which $$3$ ?million was collected before year$-$end.

What would appear in the year$-$end balance sheet related to this contract?

Note: Enter your answers in whole dollars and not in millions $($i$.$e$.,$ ?$$4$ ?million should be entered as $$4,000,000).$ ?Dhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible

accounts.

Accounts not yet due $=$$$170,000$; estimated uncollectible $=10\%.$

Accounts $1-45$ ?days past due $=$$$23,600$; estimated uncollectible $=15\%.$

Accounts more than $45$ ?days past due $=$$$9,400$; estimated uncollectible $=20\%.$

Before recording any adjustments, Dhaliwal has a debit balance of $$42,300$ ?in its allowance for uncollectible accounts.

Required:

Estimate the appropriate $12/31/2024$ ?balance for Dhaliwal's allowance for uncollectible accounts.

What journal entry should Dhaliwal record to adjust its allowance for uncollectible accounts?

Complete this question by entering your answers in the tabs below.

Estimate the appropriate $12/31/2024$ ?balance for Dhaliwal's allowance for uncollectible accounts.

Balance in allowance for uncollectible accountsDhaliwal Digital categorizes its accounts receivable into three age groups for purposes of estimating its allowance for uncollectible

accounts.

Accounts not yet due $=$$$170,000$; estimated uncollectible $=10\%.$

Accounts $1-45$ ?days past due $=$$$23,600$; estimated uncollectible $=15\%.$

Accounts more than $45$ ?days past due $=$$$9,400$; estimated uncollectible $=20\%.$

Before recording any adjustments, Dhaliwal has a debit balance of $$42,300$ ?in its allowance for uncollectible accounts.

Required:

Estimate the appropriate $12/31/2024$ ?balance for Dhaliwal's allowance for uncollectible accounts.

What journal entry should Dhaliwal record to adjust its allowance for uncollectible accounts?

Complete this question by entering your answers in the tabs below.

What journal entry should Dhaliwal record to adjust its allowance for uncollectible accounts?

Note: If no entry is required for a transaction$/$event$,$ ?select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the adjustment to allowance for uncollectible accounts.

Note: Enter debits before credits.Sarjit Systems sold software to a customer for $$217,000.$ ?As part of the contract, Sarjit promises to provide "free" technical support over

the next six months. Sarjit sells the same software without technical support for $$189,000$ ?and a stand$-$alone six$-$month technical

support contract for $$81,000,$ ?so these products would sell for $$270,000$ ?if sold separately.

Prepare Sarjit's journal entry to record the sale of the software.

Note: If no entry is required for a transaction$/$event$,$ ?select $"$No journal entry required" in the first account field.

Journal entry worksheet

Record the sale of software for cash.

Note: Enter debits before credits.