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Carter construction company was the low bidder on a

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Carter Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project was begun in 2012 and completed in 2013. Cost and other data are presented below:Assume that Carter uses the percentage-of-completion method for revenue recognition.

Required: Prepare journal entries for 2012 and 2013 to record costs, billings, collections, profit recognition and closing entries.

Reference no: EM13589500

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