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Make a archer journal entry to record profit or loss

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Windsor Construction Company began work on a $931,000 construction contract in 2017. During 2017, Windsor incurred costs of $349,000, billed its customer for $276,000, and collected $196,000. At December 31, 2017, the estimated future costs to complete the project total $634,000.

Question 1: Archer's journal entry to record profit or loss, if any, using (a) the percentage-of-completion method and (b) the completed-contract method.

Reference no: EM132597320

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