Reference no: EM132785126
Hogan Family Construction has been contracted to build an elementary school for $1.860.000. The project began in Year 1 and completed in Year 2. Cost and other data are presented below.
Year 1 Year 2
Costs incurred during the year $ 432,000 51,160,000
Estimated costs to complete 1,008,000 0
Billings during the year 430,000 1,430,000
Cash collections during the year 330,000 1,530,000
- Assume that Hogan Family Construction recognizes revenue upon completion of the project.
Required:
problem 1: Prepare all journal entries to record costs, billings, collections, and profit recognition.
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