Question: help out plz and I will rate it! maKe sure you answer all of them! Requirements a. Compute the percentage-of-completion for each year. b. Compute


Requirements a. Compute the percentage-of-completion for each year. b. Compute the gross profit and revenue to be recognized each year of the contract. c. Prepare the journal entries required for each year of the contract. d. Prepare the t-accounts for construction in progress, billings on construction in progress, and accounts receivable. e. Determine the net asset (liability) for each year of the contract on December 31. Data table Karen Network Consultants, incorporated uses the percentago-of-completion method to account for its long form contracts it uses the cost to cost approach to measure progress. During floe current yoar, Karen signed a contract to dovelop a computer network for an international accounting firm. Information related to the contract is presenfed below (Click the icon to vew the contract insormation) Read the resurments Requirement a. Compute the percentage-of-completion for each year (Round the porcentages to the noasest hundredth porcent, xx% )
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