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Question - Evans Construction Company has entered into a contract beginning January 1, 2018, to build a parking complex. It has been estimated that the complex will cost $600,000 and will take 3 years to construct. The complex will be billed to the purchasing company at $900,000. The following data pertain to the construction period.
2018
2019
2020
Costs to date
270,000
450,000
610,000
Estimated costs to complete
330,000
150,000
0
Progress billings to date
550,000
900,000
Cash collected to date
240,000
500,000
Using the percentage-of-completion method, compute the estimated gross profit that would be recognized during each year of the construction period.
Do the complete set of journal entries for 2018 and 2019, assuming all costs are on account (using the percentage-of-completion method).
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