Question: Jubilee Construction Company has a non-cancellable contract to construct a $4.5-million bridge at an estimated cost of $4 million. The contract is to start in

Jubilee Construction Company has a non-cancellable contract to construct a $4.5-million bridge at an estimated cost of $4 million. The contract is to start in July 2024, and the bridge is to be completed in October 2026. The following data pertain to the construction period. Note that in 2025, Jubilee revised the estimated total cost from $4,000,000 to $4,050,000. Assume that progress billings are non-refundable. 2024 2025 2026 Prepare all necessary journal entries for fiscal 2025 for this contract. Show your calculations

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