Prepare munters required journal entries

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Reference no: EM131920708

Problem

Munter Company contracted to construct a bridge for dollar1, 500,000. Construction 2016 and was completed in 2017. Additional data for each year-end follows Costs incurred for year Estimated cost to complete Billings for the year Collections for the year 2016 dollar 400,000 800,000 500,000 300,000 2017 dollar 900,000 -0- 1,000,000 1, 200,000.

Required: (a) Prepare Munter's required journal entries under the percentage completion method of accounting in the year 2016.

Reference no: EM131920708

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