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Dalton construction contracted to build a bridge for $5,000,000. Construction began in 2010 and was completed in 2011. Data relating to construction are:
Cost incurred $1,165,000 (2010) and $1,375.000 (2011) Estim. cost to complete: $1,350,000(2010) and 0 in 2011.
Dalton uses percentage-of-completion method.
1. Make a journal entry to record construction costs for 2010
2. Make the entry to record progress billings of $1,700,000 during 2010.
3. Make the entry to record the revenue and gross profit for 2010.
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