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Prepare journal entries for all three years

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Reference no: EM132486131

Fender Construction Company receives a contract to construct a building over a period of 3 years for a price of $700,000. The contract represents a single performance obligation that will be satisfied over time. Information relating to the performance of the contract is summarized as follows:

                                                            2019          2020       2021

Construction costs incurred during the year $150,000 $242,000 $168,000

Estimated costs to complete 350,000 168,000 -

Billings during the year 120,000 250,000 330,000

Collections during the year 100,000 260,000 340,000

Required:

Question 1.Journal entries for all 3 years.

Question 2. Assume that the contract represents a single performance obligation that will be satisfied at a point in time; Journal entries for all 3 years.

Reference no: EM132486131

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