Journal entries-percentage of completion method

Reference no: EM1356625

Record the journal entries for each year using the % of completion method.

Show the partial accounts on the December 31 balance sheet for each year.

Show the January 1 to Dec 31 Income statement for each year.

Details below:

Year..........Const. costs.........Invoiced.......Cash Collected......%complete
2010.........2,500,000.........2,000,000.......1,800,000.................40
2011.........3,000,000.........4,100,000.......4,000,000.................75
2012.........1,500,000.........3,900,000.......4,200,000................100

Reference no: EM1356625

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