Reference no: EM132490287
1. Reds Construction Co. signed a $2,550,000 contract to construct a factory annex for Pink Tree Industries. The project will begin in 2019 and be completed in 2021. Below is a summary of events for 2019, 2020, and 2021:
2019 2020 2021
Costs incurred during the year $ 640,000 $1,075,000 $530,000
Estimated costs to complete 1,440,000 580,500 0
Billings during the year 850,000 1,100,000 1,000,000
Cash collections during the year 720,000 1,000,000 1,230,000
Question 1: Prepare the appropriate journal entries for 2019, 2020, and 2021 to record costs, billings, collections, and any profit (loss) recognition created from the information provided above. Show your work for calculating each years' percentage of completion and gross profit (loss). Round your percentages to the nearest whole percent. You do not need a closing entry.
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