Cullumber Construction Company signed a contract commencing in March 2017 to build Murphy Manor an apartment complex The total contract price is 61000000 and is expected to be completed in June 2019 at a cost of 52900000 The contract also specifies a series of progress billings at various stages of construction ie a certain percentage on signing an additional billing on breaking ground etc As of December 31 2017 Cullumbers fiscal yearend the company had incurred 12167000 in costs and has invoice

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Answer Debit Credit 1 Construction in Progress Dr 104600... View the full answer