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Question - In 2018 Fabco Inc. started a construction project with a contract price of $2,500,000. The project was completed in 2020 and information for the three years of construction is as follows:
2018
2019
2020
Costs incurred this year
$1,050,000
$500,000
$235,000
Estimated costs to complete
850,000
175,000
0
Billings this year
1,000,000
900,000
600,000
Collections this year
770,000
1,040,000
690,000
Required -
1. Prepare all required entries for 2019 for Fabco Inc. assuming they use the percentage of completion method.
2. Calculate the amount of revenue to recognize for 2018 under the zero profit method (IFRS).
3. Provide only the revenue recognition/project closing entries for 2020 assuming Fabco Inc. uses the completed contract method (ASPE).
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