Reference no: EM132583476
On March 1, 2015, Lancelot Company entered into a contract to build an apartment building. It is estimated that the building will cost $2,200,000 and will take 3 years to complete. The contract price was $2,700,000. The following information pertains to the construction period:
2015 2016 2017
Annual Costs $800,000 $1,100,000 $700,000
Estimated costs to complete 1,400,000 1,100,000 0
Yearly Progress billings 700,000 1,000,000 1,000,000
Yearly Cash collected 880,000 1,100,000 720,000
Required: (Round percentages to exclude decimal points and round dollar amounts to exclude cents)
Assuming the percentage-of-completion revenue recognition method is used.
Question 1: Compute the amount of revenue and gross profit to be recognized each year
Question 2: Prepare the all necessary journal entries for each year.
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