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E18-26 (Recognition of profit on long-time contracts) during 2014, Nilsen Company started a construction job with a contract price of $1,600.000. The job was completed in 2016. The following information is available.
2014
2015
2016
Costs incurred to date
$400,000
$825,000
1,070,000
Estimated costs to complete
6,000,000
275,000
0
Billings to date
3,000,000
900,000
1,600,000
Collections to date
270,000
810,000
1,425,000
Instructions
(a) Compute the amount of gross profit to be recognized each year, assuming the percentage-of- completion method is used.
(b) Prepare all necessary journal entries for 2015
(c) Compute the amount of gross profit to be recognized each year, assuming the completed-contract method is used
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