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Prepare all necessary journal entries for 2012

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Reference no: EM131119714

Recognition of Profit and Entries on Long-Term Contract On March 1, 2010, Chance Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,000,000 and will take 3 years to complete. The contract price was $3,000,000. The following information pertains to the construction period. 

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 2012.

(c) Prepare a partial balance sheet for December 31, 2011, showing the balances in the receivables and inventory accounts.  

Reference no: EM131119714

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