Question 2 (20 marks) On February 1, 2010, Ohio Contractors agreed to construct a building at...

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Question 2 (20 marks) On February 1, 2010, Ohio Contractors agreed to construct a building at a contract price of $6,000,000. Ohio estimated total construction costs would be $4,000,000 and the project would be finished in 2012. Fiscal year ended 31 Dec. Information relating to the costs and billings for this contract is as follows: 2012 2010 2011 Variation to the contract price-increase $200,000 Total costs incurred to date $1,500,000 $2,640,000 4,600,000 Estimated costs to complete 2,500,000 1,760,000 -0- Customer billings to date 2,200,000 4,000,000 5,600,000 2,000,000 3,500,000 5,500,000 Collections to date Required: a. Calculate the percentage of completion for 2010, 2011 and 2012. (5 marks) b. Prepare journal entries for the years ended 31 Dec 2010, 2011 (10 marks) c. Prepare extract of statements of comprehensive income for each of the three years. (8 marks) d. Prepare extracts of statements of financial position for each of the three years. (7 marks) Question 2 (20 marks) On February 1, 2010, Ohio Contractors agreed to construct a building at a contract price of $6,000,000. Ohio estimated total construction costs would be $4,000,000 and the project would be finished in 2012. Fiscal year ended 31 Dec. Information relating to the costs and billings for this contract is as follows: 2012 2010 2011 Variation to the contract price-increase $200,000 Total costs incurred to date $1,500,000 $2,640,000 4,600,000 Estimated costs to complete 2,500,000 1,760,000 -0- Customer billings to date 2,200,000 4,000,000 5,600,000 2,000,000 3,500,000 5,500,000 Collections to date Required: a. Calculate the percentage of completion for 2010, 2011 and 2012. (5 marks) b. Prepare journal entries for the years ended 31 Dec 2010, 2011 (10 marks) c. Prepare extract of statements of comprehensive income for each of the three years. (8 marks) d. Prepare extracts of statements of financial position for each of the three years. (7 marks)