Question: 5) XYZ prepared the following journal entry in 2019 regarding a project accounted for under the percentage of completion method: the project was started

5) XYZ prepared the following journal entry in 2019 regarding a project

5) XYZ prepared the following journal entry in 2019 regarding a project accounted for under the percentage of completion method: the project was started in 2018 and will be completed in 2020 CIP Construction Expenses Revenues from LT contracts 75,600 73,200 148,800 XYZ at the end of 2019 expects the lifetime gross profit on the project to equal 186,000. The project is 70% complete at the end of 2019. The project was 30% complete at the end of 2018 Q: What did XYZ expect the lifetime gross profit on the project to be at the end of 2018? How much revenue did XYZ report from the project in 2018?

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