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Problem - Vaughan Ltd. has entered into a contract beginning in February 2020 to build two warehouses for Atlantis Structures Ltd. The contract is a non-cancellable fixed price contract for $9.7 million. The following data pertain to the construction period (all figures in thousands).
2020
2021
2022
Costs for the year
4100
5000
800
Estimated costs to complete
900
0
Progress billings
3800
4400
1500
Cash collected
3300
4500
1900
Required -
a) Calculate the amount of revenue to be recognized in 2020 and 2021.
b) Calculate the construction costs to be expensed in 2021.
c) Prepare the journal entry at December 31, 2021, to record long-term contract revenues, expenses, and losses for 2021.
d) What is the balance in the Contract Asset/Liability account at December 31, 2020 and 2021?
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