Question 2: Construction Contract (47 marks) On Feb 1, 2020, Daffodil Contractors agreed to construct a building at a contract price of $1,580,768 The total estimated construction costs was $1,180,306 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date estimated costs to complete customer billings to date collections to date 2020 2021 2022 $448,516 $697,120 $1,240,901 $731,792 $593,845 $0 $579,616 $1,180,306 $1,580,768 $526,924 $922,116 $1,501,730 Prepare the journal entries for 2020, 2021 and 2022 in relation to this contract, assuming the company follows ASPE. Round any calculations to the nearest whole dollar. gg.com/homework-help/questions-and-answers/due-november-3-2020-midnight-submit-blackboard Chegg Study Textbook Solutions Expert Q&A Study Pack Practice NEW Question 2: Construction Contract (47 marks) On Feb 1, 2020, Daffodil Contractors agreed to construct a building at a contract price of $1,580,768 The total estimated construction costs was $1,180,306 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date estimated costs to complete customer billings to date collections to date 2020 2021 2022 $448,516 $697,120 $1,240,901 $731,792 $593,845 $0 $579,616 $1,180,306 $1,580,768 $526,924 $922,116 $1,501,730 Prepare the journal entries for 2020 2021 and 2022 in relation to this contract, assuming the company follows ASPE. Round any calculations to the nearest whole dollar. hp Show transcribed rage text Irenart Anonen NS search ho Question 2: Construction Contract (47 marks) On Feb 1, 2020, Daffodil Contractors agreed to construct a building at a contract price of $1,580,768 The total estimated construction costs was $1,180,306 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date estimated costs to complete customer billings to date collections to date 2020 2021 2022 $448,516 $697,120 $1,240,901 $731,792 $593,845 $0 $579,616 $1,180,306 $1,580,768 $526,924 $922,116 $1,501,730 Prepare the journal entries for 2020, 2021 and 2022 in relation to this contract, assuming the company follows ASPE. Round any calculations to the nearest whole dollar. gg.com/homework-help/questions-and-answers/due-november-3-2020-midnight-submit-blackboard Chegg Study Textbook Solutions Expert Q&A Study Pack Practice NEW Question 2: Construction Contract (47 marks) On Feb 1, 2020, Daffodil Contractors agreed to construct a building at a contract price of $1,580,768 The total estimated construction costs was $1,180,306 and the project would be finished in 2022. Information relating to the costs and billings for this contract is as follows: Total costs incurred to date estimated costs to complete customer billings to date collections to date 2020 2021 2022 $448,516 $697,120 $1,240,901 $731,792 $593,845 $0 $579,616 $1,180,306 $1,580,768 $526,924 $922,116 $1,501,730 Prepare the journal entries for 2020 2021 and 2022 in relation to this contract, assuming the company follows ASPE. Round any calculations to the nearest whole dollar. hp Show transcribed rage text Irenart Anonen NS search ho