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Prepare the journal entry to record progress billings

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Question: Percentage of Completion Method

Flames Corp. contracted to build a bridge for $5,000,000. Construction began in 2017 and was completed in 2018. Data relating to the construction are:

2017 2018

Costs incurred $1,620,000 $1,400,000

Estimated costs to complete 1,380,000 -

Required: Using the percentage-of-completion method and the cost-to-cost basis, refer to BE6-30, E6-30, study guide E6-6 as a guide.

a) How much revenue should be reported for 2017? Show your calculation.

b) Prepare the journal entry to record progress billings of $1,700,000 during 2017.

c) Prepare the journal entry to record the revenue and gross profit for 2017.

d) How much gross profit should be reported for 2018? Show your calculation.

Reference no: EM131712967

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