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Perfectionist Construction Company was the low bidder on an office building construction contract. The contract bid was$9,000,000, with an estimated cost to complete the project of$7,000,000. The contract period was 30 months starting May 1, 2014.Because of changes requested by the customer, the contract price was adjusted downward to$8,600,000 on May 1, 2015. A record of construction activities for the years2014-2017 is as follows:
Year
Actual Cost
Progress Billings
Cash Receipts
Remaining Cost
2014
$1,900,000
$2,500,000
$5,150,000
2015
3,600,000
3,400,000
3,100,000
1,600,000
2016
1,670,000
2,700,000
2,500,000
0
2017
1,100,000
Prepare all journal entries and the relevant balance sheet entries for 2014-2017under thepercentage-of-completion method of revenue recognition
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