Current Attempt in rrogress$($b$1)$

Prepare the year$-$end journal entries for $2021$ to record revenues and expenses from the contract, assuming the percentage$-$of$-$

completion method is used. $($Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no

entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

$($To record revenues$)$

$2021$

$($To record construction expenses$)$

eTextbook and Media

List of Accounts

During $2020,$ Flint Corporation started a construction job with a contract price of $$3\mathrm{.}36$ million. Flint ran into severe technic

difficulties during construction but managed to complete the job in $2022.$ The contract is non$-$cancellable. Under the terms of

contract, Flint sends billings as revenues are earned. Billings are non$-$refundable. The following information is available:

$($a$)$

Your Answer Correct Answer $($Used$)$

Calculate the amount of gross profit that should be recognized each year under the percentage$-$of$-$completion method. $($Enter

negative amounts using either a negative sign preceding the number e$.$g$.-45$ or parentheses e$.$g$.(45).)$