Prepare all journal entries and the relevant balance sheet

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Reference no: EM13388063

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	$1,900,000	$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

Reference no: EM13388063

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