Prepare a partial trial balance using the data from entries

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Reference no: EM13950560

Percentage-of-completion method. Apple Contractors, an 80%- owned subsidiary, is constructing a warehouse for its parent, Plum Corporation. The following information is available on December 31, 20X1:

Percent of completion .	60%
Costs incurred to date .	$120,000
Estimated costs to complete .	80,000
Contract price .	250,000
Amount billed to date (no amounts collected)	150,000

Apple uses the percentage-of-completion method to account for its long-term contracts.

Record the journal entries that each of the two companies would have made relative to the construction. Prepare a partial trial balance using the data from your entries, and show the eliminations relating to the contract for the December 31, 20X1, consolidated worksheet.

Reference no: EM13950560

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