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Question - McDonald Construction Company was the low bidder on a construction project to build an earthen dam for $1,800,000. The project began in 2020 and completed in 2021. Cost and other data are presented below:
2020
2021
Costs incurred during the year
$450,000
$1,100,000
Estimated costs to complete
1,050,000
0
Billings during the year
400,000
1,400,000
Cash collections during the year
300,000
1,500,000
Assume that McDonald recognizes revenue on this contract over time according to percentage of completion.
Required -
1. Compute in proper format the amount of gross profit recognized during 2020 and 2021?
2. Prepare ONLY the 2020 journal entries to record costs, billings, collections, and profit recognition.
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