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How to prepare the journal entry to record the revenue

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for $6,000,000. Construction began in 2018 and is expected to be completed in 2020. Data for the three years is as follows: 2018 2019 2020 Costs incurred to date 920,000 $1,872,000 2,450,000 Estimated costs to complete 1,380,000 528,000 0 Billings to date 2,000,000 500,000 500,000

Instructions

Question a) Prepare the journal entry to record the revenue and gross profit in 2020 using the percentage-of-completion method based on cost. If no entry is required, explain why.

Question b) Prepare the journal entry to record the revenue and gross profit in 2020 using the completed contract method. If no entry is required, explain why.

Reference no: EM132600677

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