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Prepare the journal entries required

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Question - In 2019, Richard Corp signed a contract valued at $1M. It was estimated that $750K would be required to complete the work requested. In 2019, a total of $100K in costs had been accumulated. In 2020, the area in which the work was performed received an unexpected ice storm that knocked out power for two weeks. This caused the total estimated costs to complete the project to increase to $1.2M due to contingencies placed within the contract. An additional $500K costs was accumulated during 2020. Prepare the journal entries required in 2019 and 2020.

Reference no: EM133185304

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