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Prepare headland journal entries

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Question - Headland, Inc. began work on a $6,504,000 contract in 2020 to construct an office building. During 2020, Headland, Inc. incurred costs of $1,639,900, billed its customers for $1,300,000, and collected $1,055,000. At December 31, 2020, the estimated additional costs to complete the project total $3,650,100. Prepare Headland's 2020 journal entries using the percentage-of-completion method.

Reference no: EM133139876

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