show working and steps

prepare journal entries

for

-when recognizing revenue under completed contract.

-when recognizing revenue over time accodibg to percentage completion.

-is there an overall loss? at the end if the year

sues Example 6-3: Not cummuletive 2012 2014 950,000 Costs incurred to date Expected future costs Customer billings to date Collections to date 280,000 520,000 150,000 120,000 2013 720,000 240,000 400,000 320,000 1,000,000 940,000 The contract price is $1 million. Prepare journal entries i. when recognizing revenue under completed contract ii. when recognizing revenue over time according to percentage-of-completion Percentage completed