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Question - Assume that GIG Company has contracted to build an office building for Middle Company for $4,800,000. Middle Company has title to the office building during the entire construction period. The construction costs were estimated initially to be $3,680,000. Other relevant data is as follows:
2017
2018
2019
Current period costs
$1,472,000
$1,856,000
$820,000
Estimated additional costs to complete
2,208,000
832,000
0
Progress billings
1,000,000
1,500,000
2,300,000
Collection on billings-current year
725,000
3,075,000
Additional information: Contract price remained unchanged throughout the construction.
Required - Calculate the revenues to be recognized for the years 2017 and 2018 assuming GIG Company uses the percentage of completion method. Calculate the percentage, complete rounding to the nearest whole percent.
Prepare journal entries for GIG Company for 2017 using the percentage of completion method.
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