Question: Long - Term Construction Contracts - Assignment 1 Your construction firm enters into a contract for a 3 - year construction project - contract price

Long-Term Construction Contracts - Assignment 1
Your construction firm enters into a contract for a 3-year construction project - contract price is $3,000,000. Direct and Allocable Indirect Costs are: Year 2024: $1,040,000; Year 2025: $910,000; Year 2026: $650,000. Billings are: Year 2024: $1,000,000; Year 2025: $900,000; Year 2026: $1,100,0 cho. Collections are: Year 2024: $800,000; Year 2025: $850,000; Year 2026: $1,350,000 Make the required journal entries for each of the three years.
Long-Term Construction Contracts - Assignment 1 Your construction firm enters into

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