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Prepare all necessary journal entries

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Question - ADH constructed a new subdivision during 2015 and 2016 under contract with Cactus Development Co. Data for 2015 are as follow:

Contract price: 3,000,000; Actual cost: $1,200,000; Estimated cost to complete: $800,000; Customer Billing: $1,000,000; Cash collected:$850,000.

Prepare all necessary journal entries including the revenue and gross profit recognized in 2015 for ADH.

Reference no: EM132083505

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