Reference no: EM132472541

Point 1: Flounder Construction Company began work on a $417,400 construction contract in 2017. During 2017, Flounder incurred costs of 5280,300, billed its customer for $216,200, and collected $176,500. At December 31, 2017, the estimated additional costs to complete the project total 5162,000.

Question 1: Prepare Flounder's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No entry" for the account titles and enter 0 for the amounts. Round percent value to 2 decimal places, e.g. 52.75 and final answers to 0 decimal places, e.g. 5,275.)