Solution-Prepare journal entries for all three years

Prepare journal entries for all three years

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Reference no: EM132890242

Problem - Long-Term Construction Contracts - Fender Construction Company receives a contract to construct a building over a period of 3 years for a price of $700,000. The contract represents a single performance obligation that will be satisfied over time. Information relating to the performance of the contract is summarized as follows:

	2019	2020	2021
Construction costs incurred during the year	$150,000	$242,000	$168,000
Estimated costs to complete	350,000	168,000	--
Billings during the year	120,000	250,000	330,000
Collections during the year	100,000	260,000	340,000

Required -

1. Prepare journal entries for all 3 years.

2. Assume that the contract represents a single performance obligation that will be satisfied at a point in time. Prepare journal entries for all 3 years.

Reference no: EM132890242

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Prepare journal entries for all three years

Reference no: EM132890242

Reference no: EM132890242

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