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Question:

The Daytona Company is involved in a 3-year long-term contract. The subsequent data relate to this contract:

2010       2011       2012       Total

Contract price    $160,000

Cost incurred each year           $24,000 $24,000 $ 56,000                104,000

Cost incurred to date                  24,000   48,000   104,000

Estimated cost to complete            96,000   48,000   0             

Partial billings each year                12,000   48,000   100,000

Cash collected from billings             8,000     52,000   100,000

Write the journal entries to reflect the percentage-of-completion method for 2011: 18 points

a. Construction costs for the year.

b. Partial billings.

c. Cash collections.

Reference no: EM13348409

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