Question $6(12$ marks$)$

During $2022,$ Low Beam Construction Company was awarded a contract to

construct a multi$-$storey office building in Vancouver at a total contract price of

$$16,000,000.$ The estimated total costs for the project were $$12,000,000.$ The

project was completed in $2024.$ Low Beam Construction Company follows IFRS

and uses the contract approach.

The following outlines results over $3$ years:

Required

Prepare all journal entries required for the second year of this $3-$year project. For

your calculations, round your percent complete to one decimal. For example, if

the project was $34\mathrm{.}37256\%$ complete, you would use $34\mathrm{.}3\%.$ Use standard

journal entry format; however, you do not need to date your journal entries for

this question. $(12$ marks$)$