Question: Ivanhoe Construction is constructing an office building under contract for Cannon Company and uses the percentage - of - completion method. The contract calls for
Ivanhoe Construction is constructing an office building under contract for Cannon Company and uses the percentageofcompletion method. The contract calls for progress billings and payments of $ each quarter. The total contract price is $ and Ivanhoe estimates total costs of $ Ivanhoe estimates that the building will take years to complete and commences construction on January
At December Ivanhoe estimates that it is complete with the construction, based on costs incurred. What is the total amount of Revenue from LongTerm Contracts recognized for and what is the balance in the Accounts Receivable account assuming Cannon has not yet made its last quarterly payment?
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