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Question - United Inc. which has a calendar year end, entered into a non-cancellable fixed priced contract of $7,500,000 beginning January 1, 2019, to build a parking complex. It has been estimated that the parking complex will be complete by September 30, 2021. The following data pertains to the construction period:
2019
2020
2021
Costs during the year
$3,200,000
$2,700,000
$1,700,000
Estimated costs to complete
$3,300,000
$1,000,000
$0
Progress Billings
$2,750,000
$2,050,000
Required -
1. Determine the revenue and profit/loss that should be recorded on this contract in 2020. Prepare the journal entry.
2. What is the balance in the CIP and the billings accounts by the end of 2020? How will they be presented in the balance sheet?
3. Prepare the journal entries to record the revenue and profit/loss in 2021.
4. Assume the company cannot measure its progress and has to use the completed contact method. Prepare the journal entries.
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