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Question - During 20X1 Nathan Company started a construction job with a contract price of $1,580,000. The job was completed in 20X3. The following information is available.
20X1
20X2
20X3
Costs incurred to date
$430,000
$766,500
$1,067,000
Estimated costs to complete
570,000
328,500
-0-
Billings to date
297,000
900,000
1,580,000
Collections to date
272,000
817,000
1,411,000
Instructions -
(a) Compute the amount of gross profit to be recognized in 20X1 and 20X2 assuming the percentage-of-completion method is used.
(b) Prepare the four necessary journal entries for 20X2.
(c) Compute the amount of gross profit to be recognized in 20X3 assuming the completed-contract method is used.
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