Reference no: EM132379010
Question
Part A: During 2017, Pearl Company started a construction job with a contract price of $1,610,000. The job was completed in 2019. The following information is available:
2020 2021 2022
Costs incurred to date $383,800 $905,280 $1,063,000
Estimated costs to complete 626,200 198,720 0
Billings to date 302,000 896,000 1,610,000
Collections to date 271,000 817,000 1,419,000
Compute the amount of gross profit to be recognized each year, assuming the percentage of completion method is used.
Part B: journalize all necessary journal entries for 2021.
Part C: Compute the amount of gross profit to be recognized each year, assuming the completed contract method is used.
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