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Question - On February 1, 2014, Miley Contractors agreed to construct a building at a contract price of $5,000,000. Miley estimated total construction costs would be $4,000,000 and the project would be finished in 2015. Information relating to the costs and billings for this contract is as follows:
2014
2015
2016
Total costs incurred to date
1,500,000
2,640,000
4,600,000
Estimated costs to complete
2,500,000
1,760,000
0
Customer billings to date
2,200,000
4,000,000
5,600,000
Collections to date
2,000,000
3,500,000
5,500,000
Complete journal entries for percentage of completion accounting for 2014, 2015, 2016.
Prepare an income statement for Spanish Fort Corporation.
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