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Question - The Paul A. Evans Construction Company Inc. entered into a fixed-price contract with the Dan Maryuma Company on July 1, 20X1 to construct a four-storey office building. At that time Paul A. Evans, the president of the construction firm estimated that it would take three full years to complet this contract. The total contract price for this construction project is $13,500,000. The building was deemed completed on December 31, 20X3. Accumulated contract costs incurred, estimated costs to complete the contract and accumulated billings to the Dan Maryuma Company under the contract were as follows:
As At December 31, 20X1
As At December 31, 20X2
As At December 31, 20X3
Contract costs incurred to date (YTD)
$2,850,000
$8,460,000
$13,250,000
Estimated costs to complete the contract
8,550,000
5,640,000
nil
Operating Expenses to date (YTD)
120,000
260,000
420,000
Billings to Dan Maryuma to date (YTD)
4,500,000
7,500,000
13,500,000
Required - Using the percentage-of-completion method prepar all the required entries for 20X1, 20X2, 20X3.
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