Using the information provided in E8- 15, assume Bailey uses the completed-contract method. Prepare the journal entries
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In E8-15
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Contract price $1,000,000 2015 2016 2017 Actual construction costs incurred during the year 350,000 S525,000 S 50,000 Construction costs incurred in prior years Cumulative construction costs incurred to date Estimated costs to complete Estimated total costs 875,000 $350,000 S875,000 925,000 350,000 450,000 25,000 Progress billings made during the year Cash collections during the year $800,000 900,000 $925,000 $500,000 S300,000 $200,000 400,000 S350,000 $250,000
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Related Book For
Intermediate Accounting
ISBN: 978-0132162302
1st edition
Authors: Elizabeth A. Gordon, Jana S. Raedy, Alexander J. Sannella
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